Gold is currently at $1,091.10 (+0.24%) near a three-month low amid an imminent Fed's rate hike.

Some analysts say that higher rates in the U.S. are not entirely priced into bullion and more declines might come.

Assets in SPDR Gold Trust, the world's biggest gold-backed exchange-traded fund, fell to 663.43 tonnes on Tuesday - the lowest since September 2008. Investors have been leaving gold funds amid expectations for a looming Fed's rate hike, which would make the non-interest-paying precious metal less attractive.