The minutes from the early-November Federal Open Market Committee meeting also weighed on traders.
Next chapter in this saga: the Federal Open Market Committee meeting on Sept. 18.
The news was revealed in the minutes of the Fed's 13 December Federal Open Market Committee meeting.
BBC: US Federal Reserve to publish interest rate projections
Next week also brings the Federal Open Market Committee meeting, but no change in monetary policy is expected.
FORBES: METALS OUTLOOK: Gold Likely To Test Lower End Of Range
Last week markets across the board rallied when the most recent Federal Open Market Committee meeting minutes were released.
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Gold could be range-bound until the Federal Open Market Committee meeting at the end of the month, he said.
FORBES: Gold Prices Could Rally Next Week If Dollar Gains Fizzle
Among some of the events the market will watch next week is the Federal Open Market Committee meeting on Tuesday.
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Many market watchers are looking ahead to the two-day Federal Open Market Committee meeting, where the Federal Reserve reviews monetary policy.
Also next week, the Federal Reserve will release it Beige Book, which was prepared ahead of a Federal Open Market Committee meeting later this month.
FORBES: METALS OUTLOOK: Uncertain Outlook For Gold Next Week
Prices late Tuesday sold off rapidly in the wake of bearishly construed minutes of the last Federal Open Market Committee meeting of the U.S. Federal Reserve.
FORBES: Comex Gold Sharply Lower, At 11-Week Low, As Fresh Near-Term Chart Damage Inflicted
Observers of America's Federal Reserve picked over the minutes of November's Federal Open Market Committee meeting and predicted that the central bank will soon end its cycle of interest-rate rises.
Wednesday will bring the latest numbers on durable-goods orders, and later in the day the Federal Open Market Committee meeting, after which Ben Bernanke will have his unprecedented press briefing.
Comex gold futures prices are ending the U.S. trading session lower in choppy trading as traders digest the statement released at the conclusion of the Federal Open Market Committee meeting.
Some of the stocks have gone from significant highs to year-to-date or 52-week lows in such a short time horizon into the August 9 lows that followed the latest Federal Open Market Committee meeting.
Comex gold futures prices were trading sharply lower in afternoon trading Tuesday, in a strongly bearish response to the afternoon release of the minutes of the last Federal Open Market Committee meeting of the U.S. Federal Reserve.
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Mike Daly, gold and silver specialist with PFGBEST, said he expects gold to rise next week, but said he also is keeping an eye out for the March 13 Federal Open Market Committee meeting for any impact on gold.
Bernanke declined to talk about the different potential monetary policy easing options in his speech, stating that a more rigorous discussion on policy would be held at the next Federal Open Market Committee meeting at the end of September.
FORBES: METALS OUTLOOK: Gold Prices To Stabilize Next Week After Recent Break
With a strong U.S. dollar, markets were also looking ahead to Federal Reserve Chairman Ben Bernanke's testimony before the U.S. Joint Economic Committee on Wednesday, ahead of minutes from the Federal Open Market Committee meeting due later the same day.
Also, the market began working its way higher again after a policy statement following a U.S. Federal Open Market Committee meeting Wednesday showed that the Fed intends to stick with its accommodative monetary policy, said Sean Lusk, gold and silver analyst with Ironbeam.
FORBES: Comex Gold Rebounds On Easing Prospects, Indian Demand, Technical Factors
Following two days of sell-offs in stock markets across the globe--and a week ahead of its Federal Open Market Committee meeting (when the rate cut was expected)-- the Fed slashed short-term interest rates by three-quarters of a percentage point, its single most dramatic rate reduction since 1984.
He said the fall in gold started after the Federal Open Market Committee March meeting minutes were released last week showing there was discussion about ending the quantitative easing program early, possibly by the end of this year.
FORBES: TD Securities: Gold Could Rebound From Here, But Gains Likely Limited
Attention of the market place is also turning to the Federal Open Market Committee monetary policy meeting of the U.S. Federal Reserve, which starts Tuesday and ends Wednesday.
Next week, we will have the midterm elections and the November Federal Open Market Committee (FOMC) meeting.
The Federal Open Market Committee's March meeting minutes were released at 9 a.m.
Stocks are under pressure in early trading, suggesting we may see a pullback before the Federal Open Market Committee (FOMC) meeting on Wednesday.
The Federal Reserve's Open Market Committee meeting Wednesday finally provided an answer to speculations about the central bank's direct infusion of cash into U.S. markets through a round of quantitative easing.
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The Federal Reserve's next open market committee meeting on March 31st will surely give attention to the matter.
The Federal Open Market Committee is wrapping up a meeting on interest rates, and many analysts expect interest rates to remain unchanged.
To add to that liquidity, the Federal Reserve will hold its Open Market Committee meeting on November 2 and 3, in which it is expected to discuss in more concrete details its plans to launch a round of quantitative easing to relax interest rates and stimulate lending.
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