Gold eased on Wednesday, ending a three-day winning streak, as the dollar and equities strengthened and minutes from the Federal Reserve's policy meeting in December showed the U.S. central bank maintaining the status quo on interest rates.
The minutes contained few surprises, with policy makers pressing ahead with plans to begin raising rates this year after a debate on how to communicate their intentions.
Spot gold was down 0.3 percent at $1,215.93 an ounce at 3:22 p.m. EDT (20:22 GMT) after jumping to its highest since Dec. 15 at $1,222.40 in the previous session as equities fell on concerns over Greece's future in the euro zone.
Gold's near-term resistance for the closing price is expected at $1,220, while a close above that would shift the focus to further gains, with a target of $1,250, technical analysts at ScotiaMocatta said.
Gold has benefited from years of increased central bank liquidity and a low rates environment, while higher U.S. rates would encourage investors to put money into riskier assets such as stocks and bonds.
The metal was also undermined by the plunge in oil prices, which reduces gold's appeal as a hedge against oil-led inflation, and recovering stocks after data showing price deflation in the euro zone was seen as likely to trigger a bond-buying scheme by the European Central Bank.
The dollar rose 0.6 percent against a basket of major currencies, trading close to a nine-year peak and making dollar-denominated gold more expensive for holders of other currencies.
The market will now await U.S. payrolls data on Friday for fresh clues on the timing of Fed rate rises.