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Gold prices fell as much as 1.2pc on Tuesday, as firmer U.S. Treasury yields and a stronger dollar dented the safe-haven metal's appeal, with investors awaiting key U.S. non-farm payrolls data due later this week.

Spot gold was down 0.6pc to $1,758.63 per ounce by 12:33 p.m. EDT (1633 GMT), and was set for its first dip in four sessions. U.S. gold futures shed 0.5pc to $1,758.90.

Upward moves in the dollar and bond yields, after the light pullback seen over the last several days and a rebound in the equity market, are driving gold down, said David Meger, director of metals trading at High Ridge Futures.

The U.S. dollar stayed near a one-year high against major rivals, making gold more expensive for other currency holders.

The benchmark 10-year yield, which last week rose to its highest level since June at 1.5670pc, was last up at 1.5275pc.

Gold eases, but holds above $1,750 as US jobs data looms

U.S. non-farm payrolls data due on Friday is expected to show continued improvement in the labor market, which could prompt the U.S. Federal Reserve to begin tapering its monetary stimulus before year-end.

Reduced stimulus and higher interest rates lift bond yields, weighing on gold as it raises the opportunity cost of holding non-interest-bearing bullion.

"While gold could still move higher, a significant move would require a break above technical resistance, especially the 21-day moving average," said Saxo Bank analyst Ole Hansen.

Meanwhile, Wall Street's main indexes rebounded as growth stocks bounced from a sharp selloff.

"The U.S. dollar index is also firmer today and that's a negative for the metals markets. Still, the global equities markets remain wobbly and that should limit the downside in the safe-haven metals," said Jim Wyckoff, senior analyst with Kitco Metals, in a note.

Elsewhere, spot silver fell 0.5pc to $22.55 per ounce, platinum dropped 0.8pc to $958.99, while palladium firmed 0.6pc to $1,916.52.

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