When the policy-makers start scaling back their bond-buying program " sooner rather than later" is the factor that likely to hurt the metal.
The minutes showed FOMC officials sense it might be possible to slow their bond-buying program at “one of its next few meetings” and also do so without labor-market improvement. They also considered setting a calendar date to end asset purchases or set a total size limit on bond buying,
The FOMC minutes came when gold already had in a softer tone and money flows have not been favorable. The most recent data from the Commodity Futures Trading Commission showed that speculators had pared their net-long position by increasing their total shorts.
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