Gold prices fell on Monday as expectations for an upcoming interest rate increase in the U.S overshadowed the fallout from Italians' rejection of constitutional reform.

Gold for February delivery, the most-active contract, was recently down 0.9% at $1,167.40 a troy ounce on the Comex division of the New York Mercantile Exchange, on track for its lowest close since Feb. 5.

That decline was despite the Italian "no" vote, which some analysts predicted would spur initial safe-haven buying for gold on fears that it could signal further political uncertainty and threaten the stability of the eurozone, says Dow Jones.