Gold slipped on Tuesday as a strong dollar and signals the U.S. economy is benefiting from a decline in oil prices renewed expectations of a tightening in monetary policy by the U.S. Federal Reserve around the middle of next year.
Spot gold dipped 0.95 percent to $1,198.77 an ounce by 2:52 p.m. EST (1952 GMT), having gained nearly 4 percent on Monday in its biggest one-day jump since September 2013. U.S. gold futures fell 1.5 percent to settle at $1,199.40 an ounce.
Gold prices consolidated after the spot market fell on Monday to a near-three-week low after Switzerland voted against boosting its gold reserves, then rallied to $1,220.99, its highest in a month, as oil prices recovered.
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