- Gold prices fell slightly in Asian trading on Tuesday, extending recent losses due to the strength of the dollar and expectations of smaller interest rate cuts, which pressured metal prices.

- Spot gold decreased by 0.1% to $2,645.74 per ounce, while December gold futures also fell by 0.1% to $2,662.10 per ounce.

- Gold remained away from its peaks as the dollar reached its highest level in two months. Gold prices stayed below September peaks, struggling to achieve new highs amid ongoing pressure from the dollar. The dollar hit its highest level in over two months on Monday.

- Some hawkish comments from Federal Reserve officials also supported the strength of the dollar. Governor Christopher Waller stated that he supports a cautious stance towards further rate cuts in the coming months, citing recent signs of resilience in the U.S. economy and persistent inflation.

- Traders expect an over 80% chance that the U.S. Federal Reserve will cut rates by 25 basis points in November, which is less than the bank's 50 basis point cut in September, according to the CME Fedwatch index. Traders were also positioning for a higher terminal rate for the Federal Reserve.

- Higher interest rates press on gold, increasing the opportunity cost of investing in non-yielding assets. This notion has pulled gold away from its record highs and has also pressured other metal prices.

- On the other hand, platinum futures fell by 0.6% to $997.65 per ounce, while silver futures declined slightly to $31.302 per ounce.
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