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Spot gold was down 0.2 percent to $1,221.56 per ounce at 0438 GMT, but still near a 2-1/2-month high of $1,233.26 per ounce hit on Monday.

U.S. gold futures were down 0.5 percent at $1,225.2 an ounce.

• “The newly minted gold bulls are getting nervous as they haven’t bought at good levels. They were in pretty much at the top and we see those guys exiting the market,” said Stephen Innes, APAC trading head at OANDA in Singapore.

• Asian equities rose on Wednesday after upbeat U.S. earnings reports drove a rebound on Wall Street.

• The dollar index, which measures the greenback against a basket of six major currencies, was up 0.1 percent.

• The firming in equities and the dollar has led to the market discounting U.S. President Donald Trump’s latest criticism of the Fed, which should have otherwise been supportive of gold, a Singapore-based trader said.

Trump heaped more criticism on the Fed, calling it ‘my biggest threat’ in an interview with Fox Business Network on Tuesday.

Last week, Trump criticized the U.S. central bank twice, saying it was raising interest rates so swiftly that it threatened the country’s economic health.

The Fed raised interest rates last month for the third time this year and said it planned four more increases by the end of 2019 and another in 2020.

“The current case of interest rates normalisation is quite cemented and this is taking a little bit of the froth off gold markets,” Innes said.

• Spot gold still targets a range of $1,208-$1,217 per ounce, as it failed to break a strong resistance at $1,235, according to Reuters technical analyst Wang Tao.

• In other metals, silver dipped 0.3 percent to $14.60 per ounce, platinum was up 0.1 percent at $838.0 per ounce, and palladium fell 0.3 percent to $1,075.97.