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Investing.com - Gold prices were little changed near the prior session's two-week high on Wednesday, as market players looked ahead to the release of U.S. inflation data as well as minutes from the Federal Reserve’s latest meeting.

was down $1.18, or about 0.1%, at $1,302.91 per ounce by 7:15AM ET (11:15 GMT), after going as high as $1,306.24 on Tuesday, the most since March 28.

Comex shed $1.45, or 0.1%, to $1,306.85 a troy ounce.

The Commerce Department will publish for March at 8:30AM ET (12:30 GMT).

Consumer prices are expected to have risen 0.3% last month, according to estimates. Excluding the cost of food and fuel, core inflation prices are forecast to have risen 0.2% last month.

The Fed will then release the of its most recent policy meeting later in the session. The U.S. central bank all but swore off raising interest rates again this year at the conclusion of its March 20 meeting and indicated it intends to end the reduction of its massive $4.2 trillion balance sheet by September.

The , which measures the greenback’s strength against a basket of six major currencies, was at 96.56, not far from Tuesday's two-week low of 96.46.

Meanwhile, U.S. Treasury prices inched higher, pushing yields slightly lower across the curve, with the benchmark yield slipping to 2.49%.

Traders will also monitor headlines out of Europe, with the European Central Bank holding its and as British Prime Minister Theresa May seeks a second delay to in Brussels.

Gold prices rallied on Tuesday after the International Monetary Fund lowered its and as President Donald Trump threatened to impose tariffs on $11 billion of European goods.

The precious metal is used as a safe investment during times of political and financial uncertainty.

Elsewhere, were flat at $15.21 a troy ounce.

In other metals trading, declined 0.3% to $1,359.30 an ounce, while dipped 0.45% to $895.30 an ounce. The metal had touched its highest since May 2018 at $914.74 on Monday.

-- Reuters contributed to this report