Gold prices were flat on Wednesday as investors awaited the minutes of the Federal Reserve meeting for clues on the trajectory of interest rates. Matt Simpson, senior analyst at City Index, said gold prices appeared to have a much-needed correction, but buyers may be buying on dips, so a sharp sell-off is not expected.

Traders will also be keeping a close eye on the U.S. CPI report, which will be released on Thursday, and the PPI report on Friday. Simpson pointed out that if the CPI is weak, gold prices could have a nice rebound, but for gold prices to hit new highs this year, it would require overall poor performance from U.S. data.