SINGAPORE: Spot gold fell 0.3 percent to $4,150.23 an ounce, while US gold futures declined 0.2 percent to $4,177.60.
The minutes of the Federal Open Market Committee’s most recent meeting are due to be released later today, with traders looking for indications about the central bank’s approach to interest rates.
Recent weak economic data has reduced expectations of an interest rate hike in October. However, traders still see an 85 percent probability of a rate increase in December.
At the London Bullion Market Association’s annual meeting in Sorrento, Italy, on Tuesday, participants forecast that gold prices could reach $5,013 an ounce over the next 12 months.
In other precious metals, spot silver fell 1 percent to $61.12 an ounce, while platinum gained 0.2 percent to $1,704.25. Palladium declined 0.3 percent to $1,168.20.