Bullion prices were steady after falling 2.5% in the previous session. The dollar gauge rose to its highest in a year, with markets expecting more gains related to Trump's trade tariffs and solid U.S. economic growth. A stronger dollar makes commodities priced in the currency more expensive for most buyers.

The precious metal has fallen more than 4% since last week's election, as hedge funds unwound bullish bets and exchange-traded fund flows became less supportive amid a broad rotation into U.S. equities. The selling was also "partly technical" after a break below its 50-day moving average caused funds to cover long positions, said Chris Weston, head of research at Pepperstone Group Ltd. Bullion is still up more than 25% this year, supported by the Fed's easing cycle, central bank purchases and rising geopolitical and economic risks that have boosted demand for safe-haven assets.

Investors will be watching Wednesday's core consumer price index report, which excludes food and energy, for clues on the Federal Reserve's easing path after the U.S. central bank cut interest rates by 25 basis points last week. Many economists see the inflationary impact of Trump's policies as leading to fewer rate cuts than previously expected. Lower borrowing costs tend to benefit gold, which pays no interest.

Spot gold edged up 0.2% to $2,623.74 an ounce as of 7:58 a.m. in Singapore, about 6% below a record high hit last month. The Bloomberg Dollar Spot Index was steady after rising 0.5% on Monday. Silver and palladium edged up, while platinum slipped.

Source: Bloomberg