"The key story for gold is still the combination of a stronger dollar and rising Treasury yields," Julius Baer analyst Carsten Menke said. "Either of the two is not really helping gold at the moment."
"We've seen outflows of around 5 million ounces (from ETFs) since the U.S. election, and these are mainly from the U.S.-listed products," he said. "There is a real rotation away from safe-haven investments, and towards pro-growth assets."
That led to hefty outflows from gold-backed exchange-traded funds, the largest of which, New York-listed SPDR Gold Shares, said its holdings fell nearly 60 tonnes in November, the most of any month since May 2013.
Silver was 0.7 percent lower at $16.35 an ounce, while platinum was down 0.7 percent at $904.75 after hitting its lowest since Feb. 8 at $895 earlier in the session.
Palladium was up 0.3 percent at $772.20, having outperformed other precious metals last month to rise 24 percent, its best month since February 2008.
"Like the base metals ... we believe that palladium has also become detached from the fundamental data," Commerzbank said in a note. "We see considerable correction potential."