Markets are watching a heavy slate of U.S. economic data this week, including the release of the consumer price index for October.

Gold prices dipped 1% to their lowest levels in nearly two months on Tuesday as the U.S. dollar soared ahead of economic data and comments from Federal Reserve officials that could shed light on the interest-rate path under the Trump administration.

Gold held a four-day drop as a sharp rally in the dollar weighed on the metal, even as US inflation data supported the case for another Federal Reserve rate cut next month.