Gold inches higher, focus on Fed minutes

According to Business Recorder, spot gold gained 0.2 per cent to $4,342.33 an ounce by 0030 GMT on Wednesday, after sliding almost 2 per cent the previous day. The rise came as US Treasury yields pulled back from recent peaks, while investors waited for the release of minutes from the Federal Reserve's latest policy meeting, due at 1800 GMT.

US gold futures for December delivery slipped 0.6 per cent to $4,396.30. Traders priced in a 65 per cent chance that the central bank would hold rates steady and a 35 per cent probability of a hike in September, citing the CME FedWatch Tool.

Elsewhere, spot silver dropped 0.5 per cent to $62.99 an ounce, while platinum edged up 0.3 per cent to $1,717.03 and palladium fell 0.3 per cent to $1,286.73. The report also noted a global bond selloff that pushed long-term borrowing costs in major economies close to multi-decade highs, and most economists polled by Reuters expect the Bank of England to keep rates at 3.75 per cent through the end of the year.