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.

Gold prices plunge as Fed rate cut hopes fade. Recent economic data dampens expectations for aggressive monetary policy easing. Investors await Fed minutes and inflation data.

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