Gold prices fell over 1% on Tuesday and were on track for their biggest drop on a percentage basis in 1-1/2 months as recent U.S. employment data lowered expectations for a bigger rate cut, while markets awaited minutes of the U.

The price of gold is retreating from the record highs seen in September as futures traders bet on smaller interest rate cuts from the U.S. Federal

Gold prices slightly decreased as a strong U.S. jobs report led to lowered expectations for a large Fed rate cut. Market participants are now waiting for upcoming inflation data and comments from Federal Reserve officials.