Stimulus tools such as the Fed's USD85 billion in monthly bond purchases tend to weaken the dollar by driving down interest rates, making gold an attractive hedge while in place.
Gold and the dollar tend to trade inversely from one another.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at USD1,366.30 during U.S. afternoon hours, down 0.34%.
Gold prices hit a session low of USD1,362.20 a troy ounce and high of USD1,384.00 a troy ounce.
The December contract settled up 0.74% at USD1,371.00 a troy ounce on Friday.
Gold futures were likely to find support at USD1,315.40 a troy ounce, Wednesday's low, and resistance at USD1,391.35, the high from June 17.
The Federal Reserve will release the minutes of its July monetary policy meeting on Wednesday, and market sentiments grew that the monetary authority may signal plans to begin scaling back stimulus programs later this year, which sent gold falling.
Rising bond yields indicated that many felt the U.S. central bank may hint at a need to begin tapering stimulus programs in September, which sent gold falling, wiping out last week's gains stemming from reports of rising physical demand in Asia.
Uncertainty over when the Fed will begin scaling back stimulus sent prices rising in recent sessions, as market talk has persisted that the USD85 billion in monthly asset purchases may stay in place through December before tapering begins.
Elsewhere on the Comex, silver for September delivery was down 0.77% at USD23.142 a troy ounce, while copper for September delivery was down 0.94% and trading at USD3.332 a pound.
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