Tuesday's Asian trading saw a further decline in gold prices, which was attributed to the dollar's recovery and rising Treasury yields ahead of this week's scheduled series of important Fed speakers.

Spot gold slipped 0.3% to $1,971.43 per ounce, meanwhile gold futures slumped by 0.5% to $1,977.95 per ounce

In overnight trading, the dollar recovered from six-week lows on the warning from Minneapolis Fed President Neel Kashkari that it was premature to declare the Fed's cycle of rate hikes to be ended.

Due to his remarks, several traders reduced their bets on a prolonged Fed pause this year. Non-yielding assets like gold, which has grown particularly sensitive to interest rates in the last year, also witnessed sharp losses.

In recent sessions, gold experienced prolonged decreases as traders also factored in a reduced risk premium associated with the yellow metal due to the Israel-Hamas conflict. Safe haven demand for the yellow metal was weakened by the conflict's lack of significant escalation.

The markets are currently anticipating remarks this week from a number of prominent Fed officials, chief among them Chair Jerome Powell, who is scheduled to appear at two different events on Wednesday and Friday.