By Sumit Saha

(Reuters) - Gold reversed course after hitting a two-week high ‌earlier on Monday, as the U.S. dollar ticked up in anticipation of the Federal Reserve's last policy meeting minutes due later this week.

Spot gold was down 0.6% at $4,148.73 per ounce, as of ​0900 GMT, after hitting $4,202.13, its highest since June 22 earlier in the ​session.

U.S. gold futures for August delivery rose 0.8% to $4,160.40 per ounce.

The ⁠U.S. dollar gained 0.2%, making greenback-priced bullion more expensive FOR holders of other ​currencies.

Saxo Bank analyst Ole Hansen said the bullion is in a consolidation phase ​after having risen more than 2% last week and ending a four-week losing streak after weak U.S. job growth data reduced bets for rate hikes.

Traders see about a 56% chance of a ​rate increase in September, down from more than 60% before the data, ​according to the CME FedWatch tool. FEDWATCH/

A further easing in rate hike expectations is needed to support ‌bullion, ⁠which for now continues to consolidate, said Hansen.

Higher interest rates tend to pressure the non-yielding metal.

"Gold is trying to build a base with support in the $3,900-$4,000 range, while numerous levels of resistance await ahead of the big one, which remains ​the 200-day moving ​average at $4,485," said ⁠Hansen.

The Fed's June 16-17 meeting minutes, the first chaired by Kevin Warsh, due on Wednesday, could give traders further insights ​into policymakers' rate outlook.

J.P. Morgan, in a note on Friday, ​said that ⁠demand for gold from key sectors would not be as strong as expected, with prices limited to $4,300/oz in the third quarter and $4,500 in the fourth quarter of ⁠this year.

Among ​other metals, spot silver fell 0.7% to $61.96 per ​ounce after hitting its highest since June 23 earlier.

Platinum declined 0.2% to $1,635.47 per ounce and palladium ​rose 0.1% to $1,275.21 per ounce.