Gold lowers

London : Gold prices fell slightly on Wednesday, extending the decline from the previous session, as investors interpreted the comments from Federal Reserve Chairman Jerome Powell to mean that the U.S. may raise interest rates more frequently than anticipated this year.

Spot gold was 0.1 percent lower at $1,317.01 an ounce at 0506 GMT.

Gold closed down 1.1 percent and fell to as low as $1,313.26 in the previous session, the lowest since February 9.

U.S. gold futures were flat at $1,318.50 per ounce. "We might be entering a short-term period in the gold market where we could see more dollar strength, higher bond rates

and a return to equity weakness, a familiar backdrop that could pressure gold lower," INTL FCStone analyst Edward Meir said in a note.