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Gold prices edged lower on Tuesday after two sessions of gains, with the U.S. dollar strengthening amid speculation the Federal Reserve will raise U.S. interest rates in December.

After the drastic drop, the optimistic mood in gold markets has reduced," said Jiang Shu, chief analyst at Shandong Gold Group. "Gold prices will be in further decline due to a rise in the U.S. dollar."

The dollar index, which measures the greenback against a basket of six major currencies, was up 0.2 percent at 97.109.

"Recent equity strength and general risk-on sentiment has dampened short-term appetite for the metal," MKS Group trader James Gardiner wrote in a note.

(Bloomberg) Gold held a two-day gain as investors weighed comments by Federal Reserve Bank of Chicago President Charles Evans, who argued for keeping interest rates low until core inflation moves higher.

Reference: Bloomberg, Reuters