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Gold prices fell on Wednesday, weighed down by a firmer dollar on the back of speculation over who will be the next U.S. Federal Reserve chief.

Spot gold dropped 0.2 percent at $1,273.86 per ounce.

U.S. gold futures for December delivery were down 0.2 percent at $1,275.30 an ounce.

U.S. Treasury yields and the dollar gained support following a news report that Republican senators are leaning towards John Taylor to be the next Federal Reserve chief. Taylor is seen as a hawkish candidate who would prefer higher interest rates in the United States.

U.S. President Donald Trump used a lunch with Senate Republicans to get their perspectives on who he should pick to be the next leader of the Fed, according to senators who attended.

Market participants are widely expecting one more interest rate hike this year.

Spot gold could test a support at $1,271 per ounce, with a good chance of breaching below this level and falling more towards the Oct. 6 low of $1,260.16, according to a Reuters technicals analyst Wang Tao.

Investors will also pay attention the European Central Bank meeting on Thursday, where the bank is widely seen to announce a tapering in its monthly bond buying programme.

In other precious metals, silver fell 0.3 percent to $16.90 an ounce. Platinum dropped 0.4 percent at $916.30 per ounce and palladium was flat at $962.55 per ounce.