Gold tumbled overnight to its 13 years-biggest decline overnight.
By midafternoon in New York, spot gold was down more than $US20, or 3.4 per cent lower, at $US549.80/550.70 an ounce. On Monday New York gold futures closed on $US570.00/570.90 an ounce.
The move was its biggest one-day decline in dollar terms in nearly 13 years, according to Reuters charts.
Tensions over Iran's nuclear ambitions had pushed gold to a 25-year high of $US574.60 last week.
"Whether the metal stabilises here or falls further depends a little bit on the (physical) demand," said Wolfgang Wrzesniok-Rossbach, head of precious metals marketing at Germany's Heraeus.
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Gold On Its 13yrs Decline
Gold and other precious metal prices tumbled
