Gold slips as oil jumps after Trump says Iran peace deal 'over'

Fed's minutes, due at 1800 GMT, will be closely watched for clues on the future trajectory of interest rates.

"Gold is likely to stay in a consolidation mode in the short term. We need ​to have further ​weakening of U.S. ⁠jobs data and lower U.S. inflation figures allowing Fed officials to sound less hawkish in respect to policy decisions, to ​see gold prices moving higher," said UBS analyst Giovanni Staunovo.

 

Markets ​currently expect ⁠a 66% chance for a U.S. rate hike in September, compared to 62% on Tuesday, the CME FedWatch tool showed. 

 

Meanwhile, China's central bank on Tuesday reported its biggest monthly ⁠increase ​in gold reserves in more than two and ​a half years in June.

 

Among other metals, spot silver fell 2.37% to $58.59 per ounce, platinum slipped nearly ​3% to $1,591.88, and palladium dropped 3.9% to $1,227.18.