Gold prices fell for a third straight session on Thursday after minutes from the most recent Federal Reserve meeting indicated that some officials were inclined to raise interest rates.

Spot gold fell 0.3% at $2,370.74 per ounce, as of 0335 GMT, after falling more than 1% in the previous session.

Bullion hit a record high of $2,449.89 on Monday. US gold futures were down 0.8% at $2,373.00.

While the policy response for now would “involve maintaining” the US central bank’s benchmark policy rate at its current level, the minutes released on Wednesday also reflected discussions of possible further hikes.

“Gold did take a bruising after the Fed minutes reminded investors that interest rate cuts are far from imminent,” said Tim Waterer, chief market analyst at KCM Trade.

Bullion is known as an inflation hedge, but higher rates increase the opportunity cost of holding non-yielding gold.

“There is a chance gold could drift back to support levels around the $2,355 region if the dollar keeps the upward momentum going,” Waterer said, adding that the medium to longer-term outlook still looks constructive for gold, but that is very much predicated on the next rate move being lower not higher from the Fed.

Traders’ bets signalled growing doubts that the Fed will cut rates more than once in 2024, currently pricing in a 73% chance of a rate cut by November.

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Spot silver fell 0.8% to $30.52, platinum edged 0.2% lower to $1,032.54 and palladium dropped 1.1% to $988.25.