Gold futures declined on Wednesday to mark their lowest finish since mid-March.

"Essentially, the only thing moving the gold market...has been Fed rhetoric and actions," said Brien Lundin, editor of Gold Newsletter. However, he said he sees U.S. interest rates nearing their peak and gold will start discounting the next big event, which will be rate cuts. That's likely to "launch gold to significantly higher levels," said Lundin.

Gold for August delivery declined by $1.60, or nearly 0.1%, to settle at $1,922.20 an ounce on Comex, the lowest most-active contract finish since March 14, FactSet data show. 

Source: Marketwatch