Gold prices rose on Tuesday after falling in Europe at least three weeks, and growing the metal's appeal to investors as the dollar resumed its decline against a broad basket of currencies.
But physical demand was still weak due to high prices and the technical picture was less favorable than before, the precious metal could be at risk of further correction, analysts said.
Spot gold traded at $ 1040.05 an ounce by 1034 GMT, against $ 1037.10 on Monday afternoon in New York.
Gold futures in the U.S. for December delivery on the COMEX division of the New York Mercantile Exchange eased $ 2.10 to $ 1040.70 an ounce.
"It seems that there is any further consolidation under way," said a trader at Deutsche Bank, Michael Blumenroth.
"Long term, I think we could still see gold higher, but for now it seems a little more vulnerable, especially now that we have the euro going in the direction of $ 1.4850," he added.
A resistor in $ 1020 or $ 1030 in gold prices "should be sustainable and should rise again, but everything depends on the euro / dollar," he said.
The dollar fell against the euro on Tuesday, giving back part of previous day's gains, as the yield on the 10-year U.S. Treasuries retreated from highs two months.
Yields on government bonds rose on Monday on speculation that the Fed could signal an adjustment of monetary policy.
That benefited the dollar, pushing gold, which fell to their lowest levels since early October.
In the physical market for gold, a fall in prices has sparked some buying activity opportunity in India, a major consumer of the precious metal, although the rupee's weakness weighed on prices.
Purchases of jewelry have been weak this year as high prices diminish the interest of investors.
Enttre other precious metals, spot silver was trading at $ 17.07 an ounce against $ 17.05, platinum at $ 1326.50 an ounce versus $ 1330.50, and palladium at $ 328 against 329, $ 50.
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