U.S. Treasury Secretary Steve Mnuchin said the plan for "the biggest tax cut" in U.S. history released on Wednesday by the White House would cut the business tax rate to 15 percent, including for small businesses.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.69 percent to 854.25 tons on Tuesday after 6 tons of inflows.
Spot silver slid 0.85 percent to $17.40.
Platinum fell 0.37 percent to $946.50, while palladium added 0.81 percent to $807.
Palladium, mainly used in auto catalysts to curb air pollution, has held up better than other precious metals in recent days, rising slightly while the others were sliding.
"Palladium bucked the trend and prices were quite strong this week. We believe, however, this is too high, given that we're having a slowdown in global car sales from China and also the U.S.," said Menke.
"The palladium market is too bullish and we're still looking for a correction of at least 10 percent, moving towards $700."