Gold futures on the COMEX division of the New York Mercantile Exchange fell on Wednesday ahead of the release of the minutes from the Federal Reserve's Open Market Committee (FOMC) meeting.
The most active gold contract for June delivery fell 5.8 U.S. dollars, or 0.47 percent, to settle at 1,223.80 dollars per ounce. Gold was put under pressure as U.S. equities gained ahead of the release of the FOMC meeting minutes.
The U.S. Dow Jones Industrial Average rose by 49 points, or 0.28, as of 18:25 GMT. Analysts noted that when equities post losses, the precious metal usually goes up, as investors are looking for a safe haven, while the opposite is true when U.S. equities post gains. Gold is likely to face high volatility in the wake of the release of these minutes, due after the market's close on Wednesday.
Traders are also waiting for the release of the weekly jobless claims, due out on Thursday. Silver for May delivery fell 6.20 cents, or 0.41 percent, to close at 15.054 dollars per ounce. Platinum for July delivery dropped 6.90 dollars, or 0.73 percent, to close at 944.70 dollars per ounce.
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