As markets braced themselves for a number of incoming clues on the U.S. economy and a number of speeches from Federal Reserve officials, gold prices continued to fall on Tuesday, extending losses from the previous session.

Spot gold slipped 0.3% to $1,915.32 per ounce, meanwhile gold futures slumped by 0.3% to $1,927.85 per ounce.

The yellow metal experienced significant gains after the Israel-Hamas conflict began and investors fled to safe havens, but it reversed direction this week after a stronger-than-anticipated U.S. inflation figure fueled worries about rising interest rates.

Any further short-term demand for safe haven assets was also dampened by the lack of an immediate escalation in this war, and the dollar stabilized at near 11-month highs.

A higher forecast for inflation is predicted if there are any signs of resilience, notably in retail spending, which will be measured by the U.S. retail sales and industrial production figures anticipated later on Tuesday.

Data released last week revealed that U.S. consumer inflation for September came in higher than anticipated, fueling worries that the Fed will continue to adopt aggressive policy in an effort to lower sticky inflation.