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Gold retreated on reports Wednesday that support for a Swiss referendum to require the country’s central bank to hold 20% of its reserves in gold bullions is losing momentum.

Only about 38% of those polled plan to vote for the Swiss gold measure, according to the Daily Mail, while Bloomberg reported that about 47% are likely to vote against it. The referendum, scheduled for Nov. 30, must secure more than 50% support to pass.

However, the precious metal managed to pare some losses following the release of minutes from the latest Federal Open Market Committee meeting.

Gold for December delivery GCZ4, -0.63% slid $3.20 to settle at 1,193.90 an ounce. In electronic trading, gold had slumped as low as $1,173.90 an ounce before bouncing back.

The Fed minutes indicated that policy makers discussed how to present the upcoming rate hikes to the market which are expected some time next year.

On Tuesday, gold prices settled 1.2% higher, helped by a falling dollar that made the dollar-denominated commodity cheaper for holders of other currencies.

Gold is wallowing well off its 2011 peak, although it is expected to revive at some point, writes MarketWatch columnist Matthew Lynn. But it is not going to be European power politics in Switzerland or Russia that provides the impetus, he argues.

December silver SIZ4, +0.10% added 12 cents, or 0.7%, to $16.29 an ounce.

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