Gold is again in negative territory, at this point falling 0.18% to $1,793.38.

Thus, gold is extending the weekly decline recorded in the first week of the year, pressured by reactions to the minutes of the December Fed meeting.

In the first week of the year, gold posted a 1.78% drop for the week, the biggest tumble since November.

This is the third consecutive session in which gold is below the $1,800 per ounce threshold. And against this backdrop, Avtr Sandu of Phillip Futures points out that "the main factor for gold may be the persistence of high and uncomfortable inflation in the US."