Gold prices weakened on Wednesday as investors looked forward to the release of the minutes of the Federal Reserve's latest policy meeting later today for more clues on interest rate cuts.

Jim Wycoff, senior analyst at Kitco Metals, said the market is awaiting the FOMC minutes and there is some mild profit-taking pressure among short-term futures traders, so we are seeing some pause.

Wycoff added that one potential bearish factor for the gold market is the recent rally in equities, which could limit upside for gold prices.