Gold struggled to recover from overnight losses on Tuesday as a relentless slide in oil prices dented demand for the metal, often seen as an inflation-hedge.Spot gold was little changed at $1,070.05 an ounce by 0116 GMT, after losing 0.6 percent in the previous session. Volumes remained thin in the last trading week of the year.
In the absence of strong trading cues and liquidity, gold is likely to remain range-bound for the remainder of the week, tracking oil and currency markets.
"Over the short-term, the precious metal will likely trend sideways, as funds look to close out the year and contemplate heading into next year with a fresh slate," said INTL FCStone analyst Edward Meir.
Gold was sold off on Monday as oil fell more than 3 percent, with global benchmark Brent back near 11-year lows as last week's short-covering dried up and players worried that crude prices had more room to swoon in the new year.
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