2017.02.2814:00:00UTC+00Gold Trims Strong Monthly Gains On Rate Hike Talk

Gold futures were lower Tuesday as the dollar strengthened versus major rivals, as hawkish remarks from a voting member of the Federal Reserve raised expectations for a March rate hike.

Dallas Fed President Robert Kaplan told CNBC that "I actually think we're now much closer to meeting our employment and inflation objectives. Once you've decided that, you need to take advantage of those windows when they present themselves."

April gold fell $4.90, or 0.4%, for the session to settle at $1,253.90/oz. Prices were up 3.5% for the month.

In economic news, economic growth in the U.S. in the fourth quarter of 2016 was unrevised in the latest report released by the Commerce Department.

GDP increased by 1.9 percent in the fourth quarter, unrevised from the previous estimate. Economists had expected the pace of growth to be upwardly revised to 2.1 percent.

Consumer confidence in the U.S. unexpectedly improved in the month of February, according to a report released by the Conference Board on Tuesday.

Its consumer confidence index climbed to 114.8 in February after falling to a revised 111.6 in January.