Gold nudged lower after hitting a two-week high earlier on Monday, as the U.S. dollar ​ticked up in anticipation of the Federal Reserve's last policy meeting minutes due later this week.

Spot ​gold was ​down 0.46% at $4,156.36 per ounce, as of 1123 GMT, after hitting $4,202.13, its highest since June 22 earlier in the session.

U.S. gold futures for August ⁠delivery rose 1.1% to $4,168.90 per ounce.

The U.S. dollar gained 0.2%, making greenback-priced bullion more expensive for holders of other currencies.

Saxo Bank analyst Ole Hansen said that gold is in a consolidation phase and a further easing in rate hike expectations is ​needed to ‌support prices.

"Gold is ⁠trying to build ⁠a base with support in the $3,900-$4,000 range, while numerous levels of resistance await ahead of ​the big one, which remains the 200-day moving ‌average at $4,485," he added.

The yellow metal rose more than ⁠2% last week, ending a four-week losing streak after weak U.S. job growth data reduced bets for rate hikes.

Traders still see about a 56% chance of a rate increase in September, down from more than 60% before the data, according to the CME FedWatch tool.

Higher interest rates tend to pressure the non-yielding metal.

The Fed's June 16-17 meeting minutes, the first chaired by Kevin Warsh, due on Wednesday, could give traders further insights into policymakers' rate outlook.

J.P. Morgan, in ‌a note on Friday, said that demand for gold from ⁠key sectors would not be as strong as expected, ​with prices limited to $4,300/oz in the third quarter and $4,500 in the fourth quarter of this year.

Among other metals, spot silver fell 0.5% to $62.12 per ounce after hitting its ​highest since June ‌23 earlier.

Platinum 0.3% to $1,643.44 per ounce and palladium inched 0.7% ⁠higher to $1,282.97 per ounce.