Gold prices were subdued on Wednesday as investors waited for the minutes of the latest Federal Reserve policy meeting to get an idea of the trajectory of US central bank interest rates.

Spot gold held steady at $2,619.75 per ounce at 0255 GMT, after reaching a two-week low in the previous session. Prices hit a record $2,685.42 on September 26. US gold futures rose 0.1% to $2,638.20

"Gold prices seem to be undergoing a much needed downward retracement. But I suspect buyers are on the lookout and eager to get a good deal - so I'm not expecting a big sale,” said Matt Simpson, senior analyst at

"Gold prices could get a good boost if the CPI is low, but for it to hit a new high this year, American data in general needs to be poorer,” added Mr. Simpson.

Zero yield bullion tends to thrive in a low interest rate environment.

Gold exchange-traded funds registered a fifth consecutive month of inflows in September as funds listed in North America increased their holdings, according to the World Gold Council.

Cash lost 0.3% to $30.62. Platinum rose 0.4% to $953.90 and palladium fell 0.3% to $1,018.04