SKY Eye

May 22 (Reuters) - Gold prices fell over 1% on Wednesday as the gold rally cooled with investors booking profits, while focus shifted to minutes from the Federal Reserve's recent policy meeting for more clarity on the central bank's rate trajectory.

Spot gold fell 1.3% at $2,389.39 per ounce as of 1419 GMT. Prices had scaled a record high of $2,449.89 on Monday.

U.S. gold futures were down 1.4% at $2,392.70.

"Anytime you have a rally as long and as dramatic as gold, naturally you can see some profit taking," said Everett Millman, chief market analyst with Gainesville Coins, adding that he expects gold to consolidate and retest the $2,300 level.