Gold was little changed on Wednesday in the wake of minutes from the latest U.S. Federal Reserve meeting, but the precious metal was trading above the two-week low hit in the last session as stock markets slid on fresh trade tensions.
Spot gold was steady at $1,273.68 per ounce, having fallen to its lowest level since May 3 on Tuesday at $1,268.97.
U.S. gold futures settled 0.1% higher at $1,274.20.
The minutes from U.S. Fed’s last meeting showed policymakers agreed that their current patient approach to setting monetary policy could remain in place “for some time.”
“Not many surprises here and not many were expected. I would note though that this Fed meeting happened before China backtracked on the trade talks. At the next meeting, almost certainly there will be more caution,” said Tai Wong, head of base and precious metals derivatives trading at BMO.