Gold struggled on Tuesday to recover losses from the previous two sessions as a firm dollar and strength in equities dulled the metal's appeal as a hedge, keeping the yellow metal firmly below a five-month high. Spot gold was steady at $1,279.90 an ounce by 0759 GMT. The metal had fallen 1.6 percent in the previous two sessions after hitting a five-month high of $1,306.20 on Thursday.
"The bullion market's focus may shift to the upcoming FOMC two-day meeting on 27-28 January," said James Steel, an analyst with HSBC, referring to the US Federal Reserve's Federal Open Market Committee.