On Wednesday, copper prices fell after new data showed that China's economic recovery is slowing down. Gold prices also dropped as markets expected further indications on the rising of the US debt ceiling.

Spot gold dropped 0.2% $1,955.14 per ounce; meanwhile gold futures traded flat at $1,973.25 per ounce.

The two benchmarks surged close to 1% on Tuesday, bouncing from the lowest level in two months.

This week also saw a flurry of U.S. economic readings, with the nonfarm payrolls statistics for May, which are coming on Friday, expected to have a significant impact on the Federal Reserve's intentions for additional rate hikes.

The yellow metal was on pace to experience a monthly loss of more than 1% after falling from record highs reached earlier in May. The Federal Reserve is expected to raise interest rates further in June as a result of persistent inflation and the employment market's resiliency, which contributed to a large portion of this weakening.