The consolidation over the past few days suggests the formation of a top around a resistance at $1,795. Unless the metal unexpectedly breaks above this level on Friday
Spot gold fell 0.1% to $1,776.78 per ounce by 0342 GMT, having earlier hit its highest since Aug. 6 at $1,782.40. US gold futures were flat at $1,778.50
China's tighter social restrictions to fight its latest COVID-19 outbreak, now in its fourth week and involving more than a dozen cities, are hitting the services sector especially travel and hospitality
Gold is viewed as a hedge against higher inflation, but a Fed rate hike would dull bullion's appeal as that would increase the opportunity cost of holding the non-yielding metal
Indications in recent days of an improving labour market has raised fears of a sooner-than-expected US interest rate hike, sending gold prices to a four-month low on Monday