Investors Wait on Fed Minutes, Gold Dips to $1,289.45

Gold lost 0.3 percent or $3.87 to trade at $1,289.45 per ounce on Wednesday, according to Reuters. Investors were tentative ahead of the release of the minutes of the U.S. Federal Reserve’s April policy meeting, out later in the day, the news source said.

“For the past few weeks, gold has been struggling for direction,” Mitsubishi Corp analyst Jonathan Butler told Reuters. “We have seen occasional spikes when some news out of Russia has happened, but this geopolitical risk factor is already in the price to a large degree, and in the absence of that and any other macroeconomic news, investors are just lacking conviction.”

U.S. gold futures fell 0.4 percent or $5.16 to $1,289.50 per ounce.