The spot gold price was about US$1,805/oz just before 10am London time on Wednesday morning.
After surging to a new high for the seventh consecutive session on Friday, the S&P 500 slid 0.2% on Tuesday as talk of a wider correction began to circulate.
US stocks fell after the Institute for Supply Management revealed service sector activity was 60.1% in June, down three percentage points from May and below consensus estimates.
Stocks in Europe also closed lower, with investors keeping a close tab on oil prices, which fell after OPEC talks were abandoned after members failed to agree on production policy.
In Asia, the LME's Singapore desk reported a slight rebound in copper on Wednesday, after falling as much as 2.6% on Tuesday as part of a wider commodity sell-off. Nickel also saw a similar correction.
Lower base metal prices saw shares in mining majors BHP, Anglo American and Rio Tinto all fell on Tuesday afternoon before rising again on Wednesday morning.