Gold Holds Steady Amid Fed Minutes Anticipation

Gold prices held steady on Wednesday after pulling back in the previous session. The precious metal is waiting for fresh clues from the U.S. Federal Reserve's July meeting minutes. Spot gold was little changed at $4,337.59 per ounce by 0558 GMT.

The price of gold had fallen nearly 2% on Tuesday due to higher Treasury yields. However, U.S. yields have backed off earlier highs after a global bond selloff saw long-term borrowing costs in major economies edge toward their highest levels in decades.

According to Kelvin Wong, a senior market analyst at OANDA, reduced expectations for Federal Reserve interest rate hikes and rising fiscal budget concerns are positive factors for gold.