Gold is currently at $1,074.40 (+0.03%) after suffering losses due to revision of U.S. third quarter GDP. Prospects of further gradual growth in Fed interest rates continue weighing on the non-interest-paying precious metal. The Federal Reserve is likely to raise rates further in 2016.

Oil prices climbed on Tuesday, but inflationary pressures remained low. Gold is often seen as a hedge asset against oil-driven inflation.

Some analysts say that prices may fall below the $1,000 key level in 2016.