Sorrento:Gold prices experienced a decline today as market participants turned their focus to the forthcoming release of the Federal Reserve's meeting minutes, seeking new insights into future monetary policy directions.

According to Oman News Agency, spot gold saw a decrease of 0.3 percent, settling at $4,150.23 per ounce. Meanwhile, US gold futures witnessed a decline of 0.2 percent, reaching $4,177.60. The Federal Open Market Committee's most recent meeting minutes are expected to be released later today, adding to the market's anticipation.

Recent economic data have been weaker than expected, which has lessened the likelihood of an interest rate hike in October. However, traders are still predicting an 85 percent chance of a rate increase by December.

At the annual meeting of the London Bullion Market Association, which took place in Sorrento, Italy, participants projected that gold prices could rise to $5,013 per ounce over the next year.

Other precious metals exhibited mixed performances, with spot silver dropping one percent to $61.12, platinum increasing by 0.2 percent to $1,704.25, and palladium decreasing by 0.3 percent to $1,168.20.