Gold fell for a second straight session on Tuesday, hitting its lowest in a week, as the dollar strengthened and U.S. bond yields rose, while traders awaited a U.S. Federal Reserve policy meeting for cues on interest rate hikes this year.
Spot gold was down 0.4 percent at $1,335.49 per ounce, as of 0710 GMT, after a 0.7 percent drop in the previous session. Earlier in the day, the bullion hit its lowest since Jan. 23 at $1,334.10.
U.S. gold futures were 0.5 percent lower at $1,335.20 per ounce.
Gold prices gained 2.5 percent so far this month, largely due to a weak dollar. The greenback posted its sixth straight weekly drop last week, hitting a three-year low on Friday, and is on track for its biggest monthly decline since March 2016.
The Fed is widely expected to keep interest rates unchanged at its two-day policy meeting that starts later in the day. Investors, however, will be focusing on the central bank's assessment of the economy and inflation for hints on the monetary policy outlook.