Gold declined to $1,165.60 (-0.13%) amid a relatively strong dollar and uncertainty over the timing of the rate hike by the Federal Reserve.

Now many market participants expect the Fed to raise rates in 2016, although uncertainty persists. Higher rates would hurt demand for the non-interest-bearing precious metal. Investors will also eye today's results of the ECB meeting.

"Our base case remains for higher U.S. real rates and lower gold prices, albeit with there being risks that the gold price weakness is pushed out further should the Fed surprise us and remain on hold in December," Goldman Sachs said in a note.