Gold prices fell more than 1 percent to their lowest in nearly a month on Tuesday, with uncertainty over stalled U.S. budget negotiations denting investor fervor for the metal.
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Dealers say confidence in gold has been eroded by memories of last December's 10 percent price slide and disappointment that prices failed to break $1,800 an ounce when the United States announced a third round of monetary easing in September.
Spot gold fell as low as $1,690.64 an ounce and was down more than a percent below $1,697 an ounce in late morning trading, while most-active U.S. futures contract were down 1.2 percent at $1,700.10, having earlier dropped to a near one-month low of $1,692.60.
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— Reuters contributed to this report
