- Gold prices fell in Asian trading on Wednesday, extending their decline from record highs amid increasing bets that the Federal Reserve will cut interest rates at a slower pace in the coming months.

- A strong dollar also weighed on metal markets in general, as bets on a smaller Fed rate cut drove up U.S. Treasury yields.

- Spot gold fell by 0.2% to $2,615.90 an ounce, while December gold futures dipped slightly to $2,634.20 an ounce. Spot prices had reached a record high of $2,685.96 an ounce earlier this month.

- Gold prices faced pressure from uncertainty surrounding U.S. interest rates, as an increasing number of traders bet that the Fed will only cut rates by 25 basis points in November.

- The minutes of the Fed’s September meeting are set to be released later on Wednesday, and they are expected to provide further insights into the central bank's stance. The Fed had cut rates by 50 basis points in September and announced the start of an easing cycle.

- However, strong payroll data for September raised doubts about how much impetus the Fed has to continue slashing rates. This scenario pushed the dollar higher and weighed on precious metal prices, as higher interest rates reduced their appeal.

- Consumer price index data is due on Thursday and is expected to play a role in the Fed’s decision.

- On the other hand, other precious metals were mixed on Wednesday but also suffered losses in recent sessions. Platinum futures fell by 0.1% to $964.90 an ounce, while silver futures rose by 0.8% to $30.865 an ounce.

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