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Gold prices fall for a third day as dollar bounces off Dec 2014-lows

Spot gold was down 0.4 percent at $1,341.20 an ounce at 0340 GMT. Earlier, it fell to as low as $1,340.16, the lowest since Feb. 14.
 
Gold prices fell for a third straight session on Tuesday as the dollar rebounded from over three-year lows hit last week, while investors waited for the minutes of the latest Federal Reserve meeting for clues on the outlook for U.S. interest rates.
U.S. gold futures were down 1 percent at $1,342.90 per ounce, posting its biggest one-day fall in nearly two weeks.
 
The dollar index, which measures the greenback against a basket of six currencies, was up 0.3 percent at 89.397. It fell to 88.253 last week, the lowest since December 2014.
 
Meanwhile, Asian stocks slipped on Tuesday, their recent recovery stalling after European equities broke a winning streak.
 
Analysts said despite the rate hike outlook, investors will still be wary of rising inflation in the United States.
 
Gold prices rose 2.4 percent last week in its best weekly gain in more than five months, as investors bought gold on fears of rising inflation in the United States.
 
Spot gold is expected to test a support at $1,338 per ounce, with a good chance of breaking below this level and falling more to the next support at $1,326, according to Reuters technical analyst Wang Tao.
 
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