Gold prices fell slightly in Asian trading on Wednesday as the dollar recovered from 13-month lows, with attention focused on upcoming inflation data for further cues on interest rates.

- However, the yellow metal remained close to the levels it recorded this month, as geopolitical tensions sparked some haven demand, while the prospect of U.S. interest rate cuts kept gold in strong demand.

- Spot gold fell 0.5% to $2,512.88 an ounce, while December gold futures fell 0.2% to $2,547.60 an ounce. Spot prices reached a record high of $2,532.05 an ounce last week.

- Gold retained a significant portion of its gains, while the dollar's recovery was limited amid persistent expectations that the Federal Reserve will start cutting interest rates in September.

- Comments from Fed officials in recent sessions further supported this notion, with traders split between a 25 or 50 basis point cut, according to CME's Fedwatch.

- Personal Consumption Expenditures (PCE) price index data, the Federal Reserve's preferred inflation gauge, is due to be released on Friday and may provide further guidance on the path of interest rates.

- A reduction in interest rates is generally a positive scenario for gold, as it lowers the opportunity cost of investing in non-yielding assets.

- On the other hand, platinum futures fell 0.8% to $959.40 an ounce, while silver futures declined 0.5% to $30.280 an ounce.

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