Gold holds above $1,200 as case for US rate hike delay builds

Gold hovered above $1,200 an ounce on Wednesday, trading not far below a seven-week high, as expectations that the Federal Reserve could delay an anticipated rate hike this year grows.

The Fed will release the minutes of its March meeting later in the day and analysts say this would likely affirm policymakers’ cautious outlook on the US economy.

At that meeting, Fed officials opened the door for a rate hike as early as June by removing a pledge to be “patient” in normalizing monetary policy. But its cautious economic outlook reflected the Fed’s overall dovish bias, sending gold on a seven-day rally in its longest winning run since 2012.

Spot gold was steady at $1,208.06 an ounce by 0238 GMT. Bullion climbed to $1,224.10 on Monday, its highest since Feb. 17.

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