Gold edged higher on Tuesday after falling to a three-and-a-half month low in the prior session, but the precious metal remained on track for its biggest monthly decline since November due to the appreciating US dollar.

Bullion got some support earlier in the session as Asian stocks wobbled. Spot gold was up 0.6 percent to $1,212.31 per ounce by 11:43 am Beijing time. On Monday, the safe haven asset had fallen as much as 1 percent to $1,199.60 an ounce, its lowest since February 17.

Spot silver was also headed for its biggest monthly loss since September 2014, down 9.5 percent, which is also its first monthly decline so far this year.

"There is pessimism for gold prices at the moment. The pressure is not done yet... For the coming two days, I still think the bearish sentiment will dominate," said Mark To, head of research at Hong Kong's Wing Fung Financial Group.

Gold has been under pressure over the past couple of weeks as senior US central bank officials, including Fed chief Janet Yellen, indicated that a rate rise may be in the cards sooner rather than later.  

St. Louis Fed President James Bullard said on Monday that global markets appear to be "well-prepared" for a summer interest rate hike from the Fed, although he did not specify a date for the policy move.   

Bullion has fallen about 6.2 percent so far in May, its biggest monthly fall since November.

Among other precious metals, spot platinum and spot palladium were set to notch their biggest monthly declines since November.