Gold has shed $14/oz at writing, to last.......>

GOLD: Gold has shed $14/oz at writing, to last deal at $1,409/oz in spot trade.

This comes after a relatively flat finish Tuesday after bullion registered a

fresh cycle high just below $1,440/oz early in the day.

- The Iranian situation coupled with the increased likelihood of Fed easing

being priced into markets had supported the yellow metal in recent sessions,

however, Tuesday saw a round of "less dovish" Fed rhetoric, spearheaded by

arch-dove Bullard pushing back against the idea of a 50bp cut in July. This

resulted in markets pairing back pricing of the chances of a 50bp cut at the

Fed's July meeting. Bullard's comments were followed up by Fed Chair Powell

noting that the Fed must avoid an overreaction. This allowed gold to finish

close to unchanged levels on the day.

- Regional sources highlighted miners hedging their exposure in early

Asia-Pacific hours on Wednesday.