Bullion's losses were capped by a drop in both Treasury yields and the dollar, which kept prices above the $1,800 an ounce level.

Global lithium production surpassed 100,000 tonnes for the first time in 2021.

Bullion has gained nearly $200 after falling to a more than two-year low in late September.

China will stop requiring inbound travelers to go into quarantine starting from Jan. 8.

Iron ore futures rose on Tuesday, with the Singapore benchmark price hitting its highest in five months.

The interplay between inflation and central bank intervention will be key in determining the outlook for gold’s performance in 2023, according to the World Gold Council.

Twenty two of the 40 workers were rescued after the mine collapsed.

Analysts expect the spreading infections to continue curbing industrial activity in China in the near term.