Gold prices edged down on Wednesday after hitting a 3-1/2-month high, as the dollar recovered from its lows and technical indicators pointed to a short-term correction.
Spot gold fell 0.4 percent to $1,312.71 an ounce at 0257 GMT. The precious metal earlier hit $1,321.33, its highest level since Sept. 15.
U.S. gold futures were mostly unchanged at $1,315.60 an ounce.
The dollar index, in which the gold is priced, was up 0.1 percent at 91.946 after falling to a more than three-month low Tuesday.
The 14-day relative strength index (RSI) for spot gold touched 75 on Tuesday, it highest since September 2017. An RSI above 70 indicates a commodity is overbought and could lead to a price correction.