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• "Risk appetite is back," said Societe Generale analyst Robin Bhar. Rising share prices increase the opportunity cost of holding non-yielding bullion, while a stronger dollar makes gold more expensive for holders of other currencies.

• Spot gold as down 0.1 percent at $1,255.43 an ounce by 2:28 p.m. EDT (1828 GMT), having earlier hit $1,251.37, the lowest since April 10 and around the 200-day moving average.

• U.S. gold futures settled up $1.5 an ounce at $1,257 an ounce.

•         Gold fell 0.9 percent on Monday after U.S. lawmakers agreed on a spending package to avert a U.S. government shutdown and the Nasdaq share index reached a record high. Meanwhile, the market's so-called fear gauge, the VIX volatility index, fell to its lowest since 2007 on Monday. On Tuesday, world stock markets inched higher as investors awaited the outcome of a two-day U.S. Federal Reservepolicy meeting to be announced at 2 p.m. EDT (1800 GMT) on Wednesday.

• "If the Fed signals further rate increases and shrinking of the balance sheet tomorrow and then we get a good jobs number on Friday we should certainly end the week below $1,250, and maybe closer to $1,240," said Societe Generale's Bhar.

• In other precious metals, silver was down 0.4 percent at $16.78 an ounce, after touching $16.75, its lowest since Jan. 27. It has fallen for 11 out of the past 12 sessions, putting the spot price on track for the most technically oversold level on a 14-day relative strength index since November 2015.

Reference: Reuters, Kitco