Gold Edges Higher Amid Eased Yields Ahead of Fed Minutes

Gold prices edged higher in early Asian trade on Wednesday as US Treasury yields eased from recent highs, but investors remained cautious ahead of the Federal Reserve's meeting minutes.

The spot price of gold rose by 0.2% to $4,342.33 per ounce, while US gold futures for December delivery fell 0.6% to $4,396.30.

US Treasury yields backed off earlier highs amid a global bond selloff that saw long-term borrowing costs in major economies edge toward 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 that the US central bank will keep rates unchanged and a 35% chance of a rate hike in September.