All eyes are on Greek debt negotiations this week, with U.S. companies at the tail end of the quarterly earnings season and a light week of U.S. economic reports ahead.

News that Greece had further delayed approval of the latest austerity measures being imposed by the European Commission, European Central Bank and International Monetary Fund — the so-called “Troika” — soured sentiment and risk appetite across markets.

Spot gold was 0.5% lower Monday morning, bid at $1,716.90 per ounce with an ask price of $1,717.90. Spot gold traded as high as $1,724.10 and as low as $1,710.60. The London afternoon fixed reference price came in at $1,719, $15 per ounce lower than Friday’s price fix, according to Kitco market data.

Spot silver was showing a loss of 0.7%, bid at $33.43 per ounce with an ask price of $33.53. The morning high as of time of writing was $33.69, and the low was $32.90. Friday’s reference price was set at $33.51 in the London a.m., 41 cents per ounce below Friday’s fixed reference price.

Gold prices had traded higher in Asia after a large drop Friday as volume continued to pick up with the reopening of Chinese and Asian exchange and over-the-counter trading. Gold bullion prices resumed their decline in London morning trading, however, hitting $1,713 per ounce by lunchtime — down 2.8% from last week’s high — according to BullionVault’s London Gold Market report.

In stock exchange trading, gold and silver trusts also were moving lower.

• The SPDR Gold Trust (NYSE:GLD) was moving lower, down around 0.4%.
• The iShares Gold Trust (NYSE:IAU) was showing losses of around 0.5%.
• The iShares Silver Trust (NYSE:SLV) was moving lower, down around 0.4%.

Gold and silver mining ETFs were mixed.

• The Market Vectors Gold Miners ETF (NYSE:GDX) was up around 0.1%.
• The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) was showing losses of 1.55%.
• The Global X Silver Miners ETF (NYSE:SIL) was down around 0.85%.

Gold mining shares were mixed to down, with Agnico-Eagle Mines (NYSE:AEM) and Barrick Gold (NYSE:ABX) showing gains.

• Agnico-Eagle Mines was showing gains of around 1.25%.
• Barrick Gold was up around 0.7%.
• Eldorado Gold (NYSE:EGO) was down almost 1%.
• Goldcorp (NYSE:GG) was up nearly 0.4%.
• Kinross Gold Corp. USA (NYSE:KGC) was showing losses of 0.5%.
• Newmont Mining (NYSE:NEM) was down nearly 1.1%.
• NovaGold Resources (AMEX:NG) was showing losses of some 1.6%.
• Yamana Gold (NYSE:AUY) was down around 0.7%.

Silver mining shares were trading lower to open the sixth week of 2012 trading.

• Coeur d’Alene Mines (NYSE:CDE) was moving lower, down around 0.65%.
• Hecla Mining (NYSE:HL) was 0.55% lower.
• Pan American Silver (NASDAQ:PAAS) was showing losses of around 0.55%.
• Silver Wheaton (NYSE:SLW) was down around 0.35%.
• Silver Standard Resources (NASDAQ:SSRI) was down about 1%.

As of this writing, Andrew Burger did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.