Gold Edges Higher on Weaker US Yields Ahead of Fed Minutes

Gold prices ticked higher in early Asian trade on Wednesday as US Treasury yields eased from recent highs, while market participants looked to the Federal Reserve's meeting minutes for guidance.

The spot price of gold rose by 0.2% to $4,342.33 per ounce as of 0030 GMT, after falling nearly two percent on Tuesday.

US Treasury yields backed off earlier highs, reversing a global bond selloff that saw long-term borrowing costs in major economies near their highest levels in decades.

The Fed's release of minutes from its most recent meeting is due at 1800 GMT, with traders pricing in a 65% probability of keeping rates unchanged and a 35% chance of a rate hike in September.