The yellow metal's weakness continued on Wednesday as the US dollar and US treasury yields extended their gains to record highs.
In the Asian session, gold traded bleakly around a 2-and-a-half-year low at $1,625 an ounce, while gold futures edged lower at $1,632 an ounce.
The dollar index once again hit a new 20-year high in the Asian session, followed by a strengthening of the 10-year US bond yield, which hit 4.00% for the first time since October 2008.
Some speeches from hawkish Federal Reserve (Fed) policymakers have helped the consolidation, with Charles Evans and James Bullard seeing more rate hikes at the next meeting.
This caused gold to fail to shine amid fears of a growing economic recession.
On the other hand, investors prefer the US dollar as a safe-haven following its strengthening and the hawkish Fed.
