Gold fell as investors prepared for Jackson Hole's annual meeting, which is expected to brighten the Fed's prospects for tapering stimulus.

Traders will follow Fed Chairman Jerome Powell's speech on Friday for any hint that monetary stimulus will eventually abate. 3/4 of economists expect signals about when to start tapering stimulus to be shared at the Jackson Hole annual meeting or at the Fed's September 21-22 meeting, when the Federal Open Market Committee will update its quarterly forecasts, according to a survey of 51 participants in July.

Gold prices received a boost earlier this week amid speculation that the Fed may delay scaling back asset purchases as the spread of the Delta variant threatens the economic recovery. Gold prices were consolidated ahead of a key meeting and gold was weighed down by rising yields on 10-year Treasuries.

"given that gold has rebounded sharply in the past few weeks, I wouldn't be surprised if gold encounters resistance near these levels before Powell's speech on Friday," said Fawad Razaqzada, an analyst at ThinkMarkets. "Gold may be gorgeous, but it's not out of the woods yet."

Spot gold fell 0.4 per cent to $1796.31 an ounce at 9:11 Singapore time, hitting $1809.63 on Tuesday, the highest level since Aug. 5. The Bloomberg dollar spot exchange rate index rose 0.1%, down 0.2% in the previous session. Silver, palladium and platinum all fell.