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Gold falls from the highest level in a week amid the minutes of the meeting of the Reserve Council
Gold prices fell on Wednesday after hitting their highest level in a week earlier in the day, with the dollar compensating some of its losses due to criticism of US President Donald Trump to raise the Federal Reserve (US) interest rates.
The minutes of the meeting on July 31 and August 1 are expected to be published later on Wednesday and will be scrutinized by investors for any signs of future interest rate hikes in the United States.
Spot gold fell 0.2 percent to $ 1192.93 an ounce by 0715 GMT, after hitting an earlier $ 1,977.66 an ounce, its highest level since August 14.
There was little change in gold in US futures contracts to settle at $ 1,200 an ounce.
The dollar index, which tracks the performance of the greenback against a basket of six major currencies, rose slightly to 95.284 after falling to a two-week low of 95.08 in the previous session.
Trump said on Monday he was unhappy about raising interest rates, which weighed on the dollar before the minutes of the US Central Bank meeting and its annual economic conference in Jackson Hole, Wyoming, which starts on Friday.
Gold is heavily influenced by the rise in US interest rates because it increases the opportunity cost for holders of a metal that does not generate a return while the dollar strengthens the yellow metal.
Among other precious metals, spot silver fell 0.2 percent to $ 14.72 an ounce.
Platinum fell 0.3 percent to $ 790.30 an ounce, after touching its highest level in a week at $ 803.10 an ounce.
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