Gold falls to one-week low on hawkish Fed minutes

LONDON, May 23 (Reuters): Gold prices declined to a one-week low on Thursday, extending their fall for a third consecutive session on profit-taking after minutes from the US Federal Reserve's latest meeting indicated that interest rates would stay higher for longer.
Spot gold fell 0.5 per cent to $2,367.66 per ounce as of 1214 GMT, after hitting its lowest since May 15 at $2,354.79 earlier in the session.
The non-yielding bullion hit a record high of $2,449.89 on Monday and is up 14.8 per cent so far this year.
The market has also been concerned that high gold prices could affect purchases by central banks, which were active buyers in 2022-2023, as well as demand from Chinese investors.
Gold could see the next level of support at $2,300, and signals that the Fed is ready to cut interest rates would be the next major catalyst for its price gain, he added.
Meanwhile, imports to India, the world's second-biggest gold consumer, could fall by nearly a fifth in 2024 as high prices spur consumers to exchange old jewellery for new items, according to an industry body.
Spot silver fell 0.3 per cent to $30.66. The recent rally in gold and copper prices drove it to $32.5, an 11-year high, earlier this week.
Platinum was steady at $1,034.60. The metal is up 11 per cent so far this month after a wave of forecasts of the second year of structural market deficit.
Palladium was down 1.0 per cent at $989.39 under pressure from future market share growth of electric vehicles and despite structural supply deficit.