(Reuters) - Gold prices fell for a fourth straight session on Monday due to a stronger dollar, with the U.S. Federal Reserve's monetary policy stance clouding the outlook for non-yielding bullion.
Spot gold was down 0.6% to $1,739.31 per ounce at 0931 GMT, after earlier hitting its lowest level since Nov. 10 at $1,738.35.
U.S. gold futures shed 0.7% to $1,742.00.
A key driver of the gold price is U.S. real interest rates and the metal is taking cues from higher nominal rates ahead, as well as a stronger dollar, said UBS analyst Giovanni Staunovo.
Bullion fell 1.2% last week, its worst since the one ending Oct. 14.
The dollar rose 0.8%, making greenback-priced bullion more expensive for overseas buyers.
"With likely ongoing outflows from gold ETFs driven by further U.S. rate hikes, we expect gold to trade down to $1,600/oz by the end of the year," Staunovo said.
Investors will keep a close eye on minutes from the Federal Reserve's November meeting due on Wednesday, with market participants pricing in a half-point rate increase in December following recent comments by Fed officials.
Gold could test the $1,735 and $1,729 support levels ahead of the minutes, said City Index analyst Matt Simpson.
Higher interest rates sour the appeal of gold, traditionally a hedge against inflation, as they raise the opportunity cost of holding bullion which yields no interest.
Investors are also keeping an eye on the economic fallout from fresh COVID-19 restrictions in top bullion consumer China.
Chinese physical gold premiums fell sharply last week as buying slowed.
Spot silver fell 1.3% to $20.63 per ounce, platinum shed 1.3% to $964.00, and palladium dropped 2.5% to $1,888.12.
