Gold extended gains to a second straight session on Thursday as minutes of the Federal Reserve’s meeting showed US central bank officials were cautious about raising interest rates too soon, hurting the dollar.
Spot gold rose 0.3 per cent to $1,215.93 an ounce by 0240 GMT. The metal closed up 0.3 per cent on Wednesday, after dropping to a six-week low of $1,197.56 earlier in the session.
Fed policymakers expressed concern last month that raising rates too soon could pour cold water on the US economic recovery, and fretted over the impact of dropping “patient” from the central bank’s rate guidance.
The minutes from the Fed’s Jan. 27-28 policy-setting meeting, released on Wednesday, show officials grappling to square solid US economic growth with the weakness in international markets, as well as worrying about falling inflation expectations in the United States.
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