Gold edges higher ahead of Fed minutes

Gold prices inched up on Wednesday as investors weighed prospects for peace talks to end the war in Ukraine and awaited the release of the US Federal Reserve’s July meeting minutes for clues on potential interest rate cuts.

December gold futures rose 0.1%, or $2.9, to $3,361.6 an ounce, while spot gold gained 0.1%, or $2.76, to $3,318.54 an ounce as of 08:22 a.m. in Mecca.

The dollar index, which measures the US currency against a basket of six peers, was steady at 98.34.

Elsewhere in precious metals, September silver futures fell 0.6% to $37.11 an ounce. Spot platinum was flat at $1,313.97, while spot palladium slipped 0.65% to $1,107.15.

China’s gold imports rose 60.8% in July from the previous month and jumped 147% year on year to 101 tonnes, customs data showed on Wednesday, marking the highest monthly volume since April, according to Reuters.

Ukrainian President Volodymyr Zelensky praised White House talks after US President Donald Trump signaled American air support could be part of a deal to end Europe’s deadliest conflict in 80 years.