CHICAGO - Gold futures on the COMEX division of the New York Mercantile Exchange fell back below the $1,700 an ounce mark on Monday, as optimism regarding the Greek situation seemed to be overweighed by market concerns regarding economic prospect of China, the world's second largest economy.

The most active gold contract for April delivery decreased $11.7, or 0.68 percent, to settle at $1,699.8 per ounce.