Gold prices eased on Tuesday, trading below a two-week high, with investors awaiting the U.S. Federal Reserve's ​June meeting minutes for insight into new Chair Kevin Warsh's monetary policy direction.

Spot gold fell 0.6% to $4,138.32 per ​ounce by ​0232 GMT, while U.S. gold futures for August delivery eased 0.4% to $4,149.90.

"Gold price action looks like a little bit of a continuation of last week, some basing out, forming ⁠a support level, obviously waiting for a little bit of direction from the Fed minutes to get a bit more sense around what the Fed's thinking is on the short term interest rate policy," said Nicholas Frappell, global head of institutional markets at ABC Refinery. The Federal Open ​Market Committee's June ‌16-17 meeting minutes will ⁠be released on ⁠Wednesday.

Warsh's first meeting as chair removed references to what sort of rate adjustments the Fed might make, ​arguing that it can make a central bank less nimble in ‌responding to new economic developments. Fed Governor Christopher Waller on Monday, ⁠however, offered a contrast, saying it can be a "valuable tool" that speeds the impact of monetary policy under the right circumstances.

Gold has retreated more than 25% from record highs reached earlier this year, as the U.S.-Israeli war with Iran stoked inflation concerns, boosted the dollar and reinforced expectations of interest rate hikes. However, bullion hit a two-week high on Monday as a ceasefire deal eased some of those inflation concerns, while last week's weaker-than-expected U.S. jobs data prompted markets to dial back near-term interest rate-hike expectations.

Traders now see about a 56% chance of ‌a rate increase in September, down from more than 60% before ⁠the data, according to the CME FedWatch tool.

Lower interest rates make ​non-yielding bullion more attractive for investors. Meanwhile, Hong Kong launched a central clearing system for gold on Tuesday and also revived gold futures trading as it seeks to become a regional reserve hub for ​the precious metal.

Elsewhere, ‌spot silver slipped 1% to $61.48 per ounce, platinum eased 0.1% to $1,629.46, ⁠while palladium rose 0.4% to $1,272.85. (Reporting by Pablo ​Sinha and Swati Verma in Bengaluru; Editing by Rashmi Aich and Harikrishnan Nair)