Globally, gold prices eased on Wednesday to hover around the $1,500 level as investors turned cautious ahead of minutes from the US Federal Reserve's last meeting, which is expected to shed more light on interest rate cuts, news agency Reuters reported.

Spot gold was down 0.5 per cent at $1,499.18 per ounce in intraday trade, with analysts also attributing the dip to profit-booking following the metal's recent strong run, which saw it gain more than $80 this month.

US gold futures slipped 0.4 per cent to $1,509.70.

"Globally, gold prices are awaiting key events of the week including tonight's FOMC minutes, which will set the tone for future rate cut expectations," PTI quoted Tapan Patel, senior analyst (commodities), HDFC Securities.

Gold prices may remain steady ahead of Jackson Hole meeting where US Federal Reserve Chair Jerome Powell's speech will be crucial to anticipate risk pertaining to the markets, Mr Patel added.

In Delhi, gold of 99.9 per cent and 99.5 per cent purity rose by Rs 50 each to Rs 38,820 and Rs 38,650 per 10 grams, respectively.

Gold prices on Tuesday had gained by Rs 200 and touched a high of Rs. 38,770 per 10 grams in Delhi.

Sovereign gold advanced by Rs 200 at 28,800 per eight grams.

Silver ready also surged by Rs 1,140 to 45,040 per kg, while weekly-based delivery gained by Rs 210 to Rs 43,632 per kg.