Gold futures have settled lower, while platinum snapped its 11-day winning streak as caution dominated the trading session.
The most actively traded gold futures contract, for December delivery, on Monday settled down $US2.10, or 0.1 per cent, at $US1,770.60 a troy ounce on the Comex division of the New York Mercantile Exchange.
Gold futures traded in a tight range of less than $US9 as gold traders took stock of their positions in the wake of last week's rally.
Gold prices had lunged higher after the Federal Reserve last week announced a third bond-buying program aimed at reducing borrowing costs.
Some market participants worry that the central bank's easy money policies will trigger high inflation down the road, and tend to stock up on gold in the wake of stimulus announcements to safeguard their wealth.
Speculative gold traders had grown increasingly bullish in the week leading up to the Fed's announcement, and "we could see a pullback in net speculative length next week," said Marc Ground, a metals strategist with Standard Bank, in a note.
Moreover, some investors moved to lock in the recent gains, while others were put off from making new purchases by a rise in the US dollar, which makes dollar-denominated gold more expensive for buyers who use other currencies.
Investors also took the chance to cash in gains made on platinum's September rally.
Nymex platinum futures have gained 11.5 per cent through Friday as wage disputes in South Africa, the world's top platinum producer, disrupted operations at mines throughout the summer.
The unrest has cost South Africa close to ZAR4.5 billion in lost gold and platinum output, President Jacob Zuma said.
But recent reports have focused on mediated talks, and some traders have opted to lock in their profits.
Platinum for October delivery, the most active contract, fell $US41.10, or 2.4 per cent, to settle at $US1,672.60 a troy ounce on the Nymex.