Gold prices fell for third straight session as Fed meeting minutes showed interest rates will remain high

Gold prices fell for a third consecutive trading day on Thursday, hitting a one-week low, as minutes from the Federal Reserve's latest meeting showed interest rates will remain high for longer. Gold hit a record high of $2,449.89 per ounce on Monday and has risen 14.8% so far this year. The market is worried that high gold prices may affect central bank purchases and investor demand.

Nitesh Shah, commodities strategist at WisdomTree, said, "They are expected to continue to buy heavily when prices fall, and the downside of gold prices will not be too large." He added that the next support level for gold prices may be at $2,300, and the Federal Reserve is preparing to cut interest rates. The signal will become the next major catalyst for gold prices to rise.