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1st LD Writethru: Gold up ahead of Fed minutes

Xinhua, May 21, 2015 Adjust font size:

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday ahead of the release of the minutes from the latest U.S. Federal Reserve meeting.

The most active gold contract for June delivery rose 2 U.S. dollars, or 0.17 percent, to settle at 1,208.70 dollars per ounce.

The U.S. central bank was expected to release the minutes from its previous meeting on Wednesday. Analysts originally believed that the interest rates could be raised as early as June, but worse-than-expected jobs and manufacturing data indicated that the Fed might wait for a longer time to raise rates.

Higher interest rates can support dollar, which can hurt the appeal of dollar-donomiated gold.

The U.S. dollar index rose by 0.29 percent to 95.59 in midday trading, putting pressure on the precious metal.

Silver for July delivery added 4.2 cents, or 0.25 percent, to close at 17.113 dollars per ounce. Platinum for July delivery gained 6 dollars, or 0.52 percent, to close at 1,156.90 dollars per ounce. Endite