Gold down on firmer dollar demand
Spot gold slipped 0.2% to USD 1,241.11 per ounce by 0046 GMT. It hit a near 6-week low of USD 1,236.46 in the previous session.
US gold futures for August delivery dropped 0.3% to USD 1,241.90 per ounce.
The Federal Reserve’s Janet Yellen is set to deliver a speech in Europe on Tuesday. Markets are expecting Yellen to maintain a positive outlook on the US economy despite a recent batch of weak US economic data, thereby supporting the Fed's forecast of raising interest rates once more this year and 3 times next year.
Meanwhile, Russia raised its gold holdings by 7.2 tonnes to 1,687.3 tonnes in April, according to IMF data.