Gold retreats from 3-week highs

Gold prices pulled back on Wednesday, with spot retreating from a nearly 3-week high, as investors continue to asses the likelihood of a Fed hike in the upcoming months.

Spot gold was trading 0.43% down at $1,343.85 an ounce, having struck a low of $1,342.61. 

The yellow metal came under mild pressure following hawkish comments from Fed’s George and Lacker. The first said US economy is at or near full employment, while the latter noted that over-stimulating economy may risk inflation. 

With the interest rate debate open, investors are paying close attention to data and Fed speakers these days.