Gold prices slipped on Monday as the dollar rebounded, with expectations of sharp interest rate hikes from the Federal Reserve further pressuring bullion.

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Spot gold was down 0.5 percent at $1,792.76 per ounce, as of 0540 GMT, after rising about 1.6 percent last week. U.S. gold futures fell 0.4 percent to $1,808.20.

The dollar erased earlier losses to strengthen 0.1 percent against its rivals, making gold more expensive for buyers holding other currencies.

"Gold looks like in some consolidation here for a week or two before resuming the upward march towards $2,000 yet again. There may be even some who will feel the need to take profits to offset property portfolio weakness," said Clifford Bennett, chief economist at ACY Securities.

"Gold is likely to be supported around $1,785. A slip to $1,760 cannot be ruled out, but this would represent a fantastic long-term buying opportunity."

Meanwhile, Richmond Fed Bank President Thomas Barkin said on Friday he wanted to raise interest rates further to bring inflation under control.

Investors will be watching out for minutes from the Fed's last monetary policy meeting due on Wednesday for more clues on future rate hikes.

Traders were pricing in around a 44.5 percent chance of a 75-basis-point rate hike by the Fed in September and a 57.5 percent chance of a 50 bps increase.

Although gold is seen as a hedge against inflation, rising U.S. interest rates dull non-yielding bullion's appeal.

"Gold recorded its fourth consecutive weekly gain amid easing inflationary pressures. However, those same issues may ultimately be a negative," ANZ analysts said in a note.

On the technical front, spot gold is biased to retest a support $1,784 per ounce, a break below which may cause a fall into a range of $1,767-$1,773, according to Reuters technical analyst Wang Tao.

Elsewhere, spot silver dropped 1.2 percent to $20.57 per ounce, platinum fell 1.2 percent to $950.62, and palladium slipped 0.8 percent to $2,203.98.