The most active gold contract for June delivery fell 4.4 U.S. dollars, or 0.23 percent, to close at 1,923.1 dollars per ounce.
The Philadelphia Fed's Patrick Harker said Wednesday in a virtual discussion hosted by the Delaware Chamber of Commerce that the Federal Reserve wants to act "in a way that isn't so aggressive that we risk putting the economy in recession".
Investors spent much of the trading session entering and exiting positions ahead of the release of the Federal Open Market Committee (FOMC) March meeting minutes, which was released shortly after the market's close.
The minutes showed that the Federal Reserve plans to reduce balance sheet by 95 billion dollars per month, which could start as soon as May. Many Federal Reserve officials wanted a 50 basis point interest-rate hike in March but accepted a smaller move due to the Russia-Ukraine conflict. Now they think "one or more" 50-basis-point hikes appropriate going forward.
Gold moved up in electronic trading following the release of FOMC March meeting minutes.
Silver for May delivery fell 7.6 cents, or 0.31 percent, to close at 24.458 dollars per ounce. Platinum for July delivery fell 20 dollars, or 2.06 percent, to close at 953.1 dollars per ounce.
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