Gold on Wednesday fell after a three-day rally as investors waited for minutes from the Federal Reserve’s last meeting that may give clues on timing of higher interest rates.
Gold fell 0.3 per cent to $1,214.65 an ounce. The metal rallied to a three-week high on Tuesday amid concerns about the health of the European economy.Silver also dropped 0.6 per cent to $16.43 an ounce. Prices closed yesterday at the highest level in almost a month.The minutes cover the Federal Open Market Committee’s December 16-17 meeting, when the central bank said it will be “patient” in considering the timing of the first rate increase since 2006.