The most active gold contract for December delivery fell 15.70 U.S. dollars, or 0.80 percent, to close at 1,957.80 dollars per ounce.
In opening remarks Wednesday at a conference celebrating the 100th anniversary of the Fed board's Division of Research and Statistics, Federal Reserve Chair Jerome Powell said the central bank must be willing to think beyond the complex mathematical simulations it traditionally uses to forecast the economy.
"Even with state-of-the-art models and even in relatively calm times, the economy frequently surprises us," Powell said.
During a panel discussion at a conference hosted by the Central Bank of Ireland in Dublin on Wednesday, Federal Reserve Governor Lisa Cook said that a rise in geopolitical tensions across the world could aggravate already subdued growth in Europe and China and the spillover may alter the path of the U.S. economy.
"We are not only watching subdued growth, we're watching the geopolitical tensions that we're all talking about, and that could change the outlook both in the United States and the global economy," she said.
Silver for December delivery rose 13.90 cents, or 0.62 percent, to close at 22.728 dollars per ounce. Platinum for January delivery fell 26.50 dollars, or 2.95 percent, to close at 871.50 dollars per ounce.
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