USA gold futures were 0.8 percent lower at $1,283.90.
Benchmark Brent crude futures were down 43 cents at $55.46 a barrel, while USA crude futures were down 45 cents at $52.73.
The dollar index, which tracks the greenback against a basket of six rival currencies, edged up 0.2% to 99.62, pulling away from Tuesday's low of 99.36, its deepest trough since March 28. Data on Friday showed USA retail sales fell for a second straight month in March and consumer prices dropped for the first time in just over a year.
A jump in the pound to a five month high of $1.29 following Theresa May's announcement of a snap general election yesterday, saw the gold price adjust to $1,283 this morning having previously hit $1,291.98 an ounce yesterday. The 10-year U.S. Treasury yield was at 2.23 percent.
Shares and the USA dollar dipped on Monday while US bond yields slumped to five-month lows after soft US economic data hurt investor sentiment already frayed by worries over North Korea and coming French elections.
The inherent uncertainty around elections has buoyed gold, along with recent geopolitical tensions over Syria and North Korea.
Fed fund futures 0#FF: rose in price, now pricing less than a 50 percent chance of a rate hike in its June 13-14 meeting for the first time in about a month.
Still, tensions over North Korea and looming French and United Kingdom elections that hold implications for the European economy supported some level of investor demand for safe-haven precious metals, keeping gold prices just below the November highs touched Monday.
The U.S. administration has demanded that China take on a more prominent role in dealing with North Korea. It touched its highest since November 11 at $18.65 on Monday. "(U.S. President Donald) Trump is talking it down and we're seeing weakness creep into U.S. data, changing the perception of how much rates have to rise".
Ahead of the first round of voting on April 23, the race looked tighter.
President Tayyip Erdogan declared victory in a referendum on Sunday to grant him sweeping powers in the biggest overhaul of modern Turkish politics, but opponents said the vote was marred by irregularities and they would challenge its result.