Gold prices are roughly 5.5% below their year-to-date highs from September, weighed down by a stronger dollar and interest-rate concerns.
COMEX Gold futures are trading at $1291.35 per ounce, down 0.40% on the day. The metal fell about 1.4 percent on Monday in its biggest one-day percentage drop since September 11. On Friday, gold jumped about 1.3 percent to hit a one-month high of $1,297 an ounce due to uncertainty about the progress of an overhaul of the USA tax code.
Goldman Sachs said it expects a tight United States labour market and more normal inflation picture will lead the Fed to hike interest rates four times next year.
Higher interest rates tend to boost the dollar and push bond yields up, putting pressure on gold prices by increasing the opportunity cost of holding non-yielding bullion. Minutes from the Fed's last meeting are scheduled to be released Wednesday.
Also adding to positive sentiment on the precious metal was the return of safe haven demand amid renewed U.S-North Korea tensions after President Donald Trump placed North Korea back on a list of state sponsors of terrorism on Monday.
USA gold futures for December delivery fell 0.2 percent to $1,293.60. On the technical front, gold is struggling to hold above the 55-day moving average at around $1,291.
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The dollar index, which tracks the U.S. currency against a basket of six major rivals, gained 0.3%.
"It seems likely that we will have more rate hikes next year which is negative for gold but the Fed will want to see evidence that inflation is picking up to really be confident in the interest rate hike path", said Danske Bank analyst Jens Pedersen.
Silver climbed 0.2 percent to $16.94 an ounce and platinum was up 0.1 percent at $924.74.
Palladium eased 0.5 per cent to US$988.50 an ounce.
On Monday, silver fell 2.3 percent, its biggest one-day percentage fall since September 26, while platinum lost almost 3 percent, marking its worst day since early May.
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