After the minutes of the last Federal Reserve meeting indicated that some officials were inclined to raise interest rates, the gold price fell for the third time in a row on Thursday.

Spot gold fell 0.3% to $2,370.74 per ounce at 0335 GMT after falling more than 1% in the previous session. The bar hit a record $2,449.89 on Monday. US gold futures were down 0.8% to $2,373.00. Tim Waterer, chief market analyst at KCM Trade said that “gold took a hit after the Fed minutes reminded investors that interest rate cuts are far from imminent.” According to the head of an industrial body, “India's gold imports in 2024 could fall by almost a fifth compared to the previous year, as record prices encourage consumers to exchange their old jewelry for new items.”

Cash fell by 0.8% to $30.52, platinum fell by 0.2% to $1,032.54, and palladium fell by 1.1% to $988.25.