Gold slips from two-week high as investors await Fed meeting minutes

BAGHDAD, Iraq — Gold prices retreated from a two-week high on Tuesday as investors positioned for the release of the U.S. Federal Reserve's June meeting minutes, which are scheduled for publication on Wednesday. Spot gold fell 0.6% to $4,138.32 per ounce, while U.S. gold futures declined 0.4% to $4,149.90 per ounce. Nicholas Frappell, head of global institutional markets at ABC Refinery, said the pullback was consistent with the steady pattern seen over the past week. He added that markets were looking to the minutes from the June 16-17 Federal Open Market Committee meeting for clearer signals on the Fed's monetary policy and interest rate trajectory. Traders are also weighing the likelihood of a September rate increase, which markets currently price at 56% following last week's weaker-than-expected U.S. employment data. In other precious metals trading, spot silver dropped 1% to $61.48 per ounce, platinum slipped 0.1% to $1,629.46, and palladium rose 0.4% to $1,272.85 per ounce.