Tuesday saw a small decline in gold prices as a result of multiple Federal Reserve officials downplaying predictions that the central bank would soon take a dovish stance, which helped to halt latest greenback dips.

Spot gold dipped 0.1% to $2,024.67 per ounce; meanwhile gold futures dropped 0.1% to $2,038.20 per ounce.

Despite less dovish signals regarding U.S. monetary policy, gold managed to hold above the coveted $2,000 per ounce mark and even moved closer to the low-$2,000s.

Gold prices were further pressured by the greenback’s resilience, which saw it rise strongly this week from the lowest level touched in four months.

Many Federal Reserve officials stated on Monday that the market's euphoria over the prospect of immediate interest rate trims was not entirely justified and that sticky inflation might prolong the tightening of monetary policy.

Lower interest rates are anticipated to help gold since they increase the opportunity cost of holding the yellow metal. This transaction had prevented gold from rising significantly over the previous 12 months.