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Gold edged lower on Wednesday, failing to capitalise on dovish Federal Reserve's comments as investors awaited the release of the minutes of the U.S. central bank's policy meeting later in the session for clues on when it will trim its stimulus.
In a speech that echoed comments by his nominated successor, Janet Yellen, Bernanke said that while the economy had made significant progress, it was still far from where officials wanted it to be.
Spot gold fell 0.3 percent to $1,270.96 an ounce by 1058 GMT. The short-term upside was capped at 10-day moving average of $1,290, while a break below $1,260 would trigger losses to $1,220, VTB Capital said in a note.
U.S. gold futures for December delivery fell 0.3 percent to $1,270.10 an ounce. The dollar was marginally lower against a basket of currencies ahead of the minutes for the October 29-30 Fed meeting, due for release at 1900 GMT. Investors were looking for detail of Fed discussions on the timing of any tapering.
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