Gold holds above $1,580 on EU summit uncertainty

Cyprus turned to Brussels for emergency funding on Monday

Gold held steady above $1,580 an ounce on Tuesday after rising in the previous session on safe haven buying ahead of an important European summit this week, which is unlikely to produce substantial measure to solve the debt crisis.

A fifth euro-zone country turned to Brussels for emergency funding on Monday when Cyprus announced it was seeking a lifeline for its banks and its budget, hours after Spain submitted a formal request to bail out its banks.