Gold Holds Steady as Investors Eye Fed Minutes for Clues

Gold prices held steady on Wednesday after experiencing a decline in the previous session. Investors are waiting for minutes from the U.S. Federal Reserve's July meeting to gain insight into its monetary policy outlook.

The price of spot gold remained largely unchanged at $4,337.59 per ounce by 0558 GMT. This came after a nearly 2% drop on Tuesday due to increased Treasury yields. U.S. gold futures also saw a 0.7% decrease to $4,391.20.

The market is closely watching the Fed's minutes for clues on its monetary policy stance. The July meeting minutes could provide valuable information on the Fed's intentions regarding interest rates and inflation targeting.