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Gold edges up on weaker US dollar
Gold has benefited from a flattening in the US Treasury yield curve that has supported the Japanese yen and pushed the dollar lower.
The minutes, to be published at 1900 GMT, come after outgoing Fed chair Janet Yellen said rates should rise gradually but warned she was "very uncertain" that inflation would soon rebound, suggesting a cautious approach to rate increases.
Spot gold was up 0.2 per cent at $1,283.51 an ounce at 1034 GMT, while US gold futures for December delivery were 0.1 per cent higher at $1,283.40 an ounce.
Gold has benefited from a flattening in the US Treasury yield curve that has supported the Japanese yen and pushed the dollar lower, Saxo Bank analyst Ole Hansen said.
The US yield curve hit the lowest in a decade on Tuesday on expectations that the Fed will raise rates and the government will increase debt issuance in short- and intermediate-dated maturities while delaying big increases at longer dates.
"Gold has been stuck in a range with an average price of $1,280 since early October but we are seeing some higher lows and higher highs, which indicates there is underlying support for the market," Hansen said.
Bets on higher gold prices by money managers increased last week for the first time since early September.
However, rising US interest rates through next year were likely to strengthen the dollar and put pressure on gold, said Julius Baer analyst Carsten Menke. - Reuters
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