Gold hit a three-week low on Thursday, after falling more than 1 percent in the previous session.

Spot gold slipped 0.3 percent to 1,311.83 US dollars an ounce in early morning trade. Bullion fell 1.2 percent on Wednesday. That came as investors set their eyes on the European Central Bank meeting later today amid rising expectations for a U.S. interest rate hike.

The gold rush started on Britain's decision last month to leave the EU and has sent prices to fresh highs over the past few weeks.

Gold has risen more than 25 percent this year, hitting its highest since March 2014 at 1,374.91 US dollars an ounce earlier this month.