Gold prices touched their lowest level in more than three weeks during Asian trading on Thursday, as the dollar rose after Donald Trump won the US presidential election, while the focus was also on the Federal Reserve's decision on interest rates later in the day.
Update prices
Spot gold was down 0.1 percent at $2,656.34 per ounce by 0327 GMT, after hitting its lowest since Oct. 15 earlier in the session.
Gold hit a record high of $2,790.15 last week and has lost more than $130 since then.
U.S. gold futures fell 0.5 percent to $2,663.60.
The dollar index hovered near a four-month high, making gold more expensive for buyers holding other currencies.
Trump returned to the White House in a landslide victory on Wednesday, but that raised questions about whether the Federal Reserve might move forward with a slower, less aggressive rate cut.
Traders are expecting a 25 basis point cut likely to be announced at the end of the US central bank's meeting later today, with focus also on Chairman Jerome Powell's statement for any clues on the path of future rate cuts.
Gold is a safe haven from geopolitical and economic uncertainty, but higher interest rates raise the opportunity cost of holding the non-yielding yellow metal.
Among other precious metals, spot silver fell 0.4 percent to $31.03 an ounce, platinum fell 0.3 percent to $983.73 and palladium fell 0.7 percent to $1,028.25. All three metals fell for a second straight session, according to Reuters data.
