Spot gold hit its lowest since Feb. 5 at $1,153.93 an ounce, before rising 0.1 percent on the day to $1,159.20 an ounce by 0309 GMT. It fell about 1 % on Friday. 

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U.S. gold futures were also at 10-month lows, easing to $1,161.20 per ounce. 

 "The market is pessimistic on gold. Monetary policy dominates gold at this point of time. The Fed is going to tighten its grip. The interest rate hike is now written on the wall," said Mark To, head of research at Hong Kong's Wing Fung Financial Group."What concerns most people is the change in monetary policy in 2017 and whether there will be any influence of Donald Trump on Janet Yellen," said To, who expects further downside in prices below $1,100 and towards $1,080 levels, seen early this year. 

                            Holdings of the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.38 % to 857.45 tonnes on Friday.