Gold prices on Thursday, May 24, held gains from the previous session, buoyed as the dollar extended
losses after minutes of the latest U.S. Federal Reserve meeting hinted at a dovish approach to interest rate hikes.
Spot gold had edged up 0.1 percent to $1,293.93 per ounce by 0612 GMT, after gaining nearly 0.2 percent in the previous session.
U.S. gold futures for June delivery were up 0.3 percent at $1,293.30 per ounce.
“The minutes had a little bit of an impact but not too much.Gold is moving relative to the dollar,” said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong.
Gold is often seen as a safe investment during times of political and financial uncertainty, alongside the Japanese yen.
“A recovery back over the $1,300 per ounce mark could prompt further short-covering,” Meir added.
Among other precious metals, silver was little changed at $16.42 an ounce. Platinum gained 0.7 percent
to $905.30 an ounce, while palladium rose 0.2 percent to 978.40 an ounce, Reuters reports.
Analysts at Standard Chartered on Wednesday said they expected platinum to continue to trade at a discount to both palladium and gold this year.
