Gold fell for a third straight session on Wednesday on pressure from the U.S. dollar's gains for much of the session and amid speculation that the next chair of the Federal Reserve could be a policy hawk.
Spot gold was down 0.34 percent at $1,280.40 an ounce by 3:12 p.m. ET, having touched its lowest since Oct. 9 at $1,276.73.
U.S. gold futures for December delivery settled down $3.20 or 0.25 percent, at $1,283 per ounce.
As many as five people are in the running to be the next Fed chair, a source told Reuters on Tuesday.
"Interest rate hikes had not been fully priced in for next year. That has changed massively following speculation that (Fed Governor Jerome) Powell might become the next chairman," said Commerzbank analyst Carsten Fritsch.
The dollar rose to a 1-1/2-week high before turning lower as traders digested more details on U.S. President Donald Trump's tax overhaul.
The U.S. economy expanded at a modest to moderate pace in September through early October despite the impact of hurricanes on some regions, the Federal Reserve said in its latest snapshot of the U.S. economy released on Wednesday, but there were still few signs of an acceleration in inflation.
"Despite widespread labor tightness, the majority of districts reported only modest to moderate wage pressures," the U.S. central bank said in its Beige Book report of the economy, derived from talking to business contacts across the country.