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Spot gold was up half a% at $1,143.98 an ounce by 6.36am GMT. Gold hit its strongest since December 14on Tuesday at $1,148.98. US gold futures also rose 0.5% at $1,144.50 per ounce.

"Currently we do not see many strong fundamental reasons to push gold prices further down. However, after the Fed conference in December, there should be some technical rebound in gold prices," said Jiang Shu, chief analyst, Shandong Gold Group.

"Since there are a few trading days left until the end of this year we think that the rebound will not be very strong."

Reflecting bearish investor sentiment, assets in the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund fell 0.14 percent to 823.36 tonnes on Tuesday. Holdings are down over 13 percent since the U.S. presidential elections.

Venezuela said on Tuesday it will cut 95,000 barrels per day of oil production in the New Year in fulfillment of a producers' deal to reduce global output and strengthen prices.