Gold prices ease, trading below a two-week high, with investors awaiting minutes of US Federal Reserve’s June meeting for insight into Chair Kevin Warsh’s monetary policy direction, according to Reuters.

Spot gold falls 0.9 per cent to $4,126.33 per ounce by 0458 GMT, while US gold futures for August delivery ease 0.7pc to $4,137.60.

“Gold price action looks like a little bit of a continuation of last week, some basing out, forming a support level, obviously waiting for a little bit of direction from the Fed minutes to get a bit more sense around what the Fed’s thinking is on the short-term interest rate policy,” said Nicholas Frappell, global head of institutional markets at ABC Refinery.

Minutes of the Federal Open Market Committee’s June 16-17 meeting will be released on Wednesday.