Treasury yields and the US dollar rose after Minneapolis Federal Reserve president Neel Kashkari reportedly said the central bank would keep lifting rates beyond 4.5-4.75% if inflation was still rising.
Comex gold futures fell as low as $1632.30 an ounce and last traded at $1634.20/oz, similar levels to the low hit late last month.
Spot gold was trading at $1629/oz.
BMO Capital Markets analysts attended the LBMA/LPPM Global Precious Metals Conference 2022 this week.
"It was somewhat surprising to see delegate polling results of one-year forward price predictions so bullish, with gold, silver, platinum, and palladium expected to reach $1830.5/oz, $28.30/oz, $1239/oz, and $2059/oz, respectively," analyst Colin Hamilton said.
"While most of our interactions, and the panel discussions, saw a lack of price conviction one way or another. Perhaps the bulls were just a little less vocal verbally this year."
Base metals continued to be weak on concerns around Chinese growth.
Zinc and nickel rose but copper fell for a fourth straight day, hitting an October low of $7455.75 per tonne.