Dollar Slips, Gold Edges Up Ahead of Fed Minutes

Gold prices inched upward on Wednesday morning as the US dollar and Treasury yields slipped ahead of the Federal Reserve's meeting minutes release. Spot gold rose by about 0.6% to $4,360.82 an ounce shortly after market opening.

The metal hasn't broken free from its recent trading range due to climbing yields and firmer oil prices. Central banks, particularly in China, have been active buyers, while investors seek safe-haven assets. The psychologically important $4,000-an-ounce level has been reclaimed, but the $4,400 price point is proving a ceiling for near-term gains.

Bond yields have surged lately, with 30-year yields touching their highest levels in almost two decades and 10-year yields approaching peaks last seen in early 2025. Rising bond returns make gold less appealing by comparison, increasing the opportunity cost of holding bullion.