Gold Rises to $1,323.25 per Ounce Ahead of Fed Meeting Minutes

Gold rose 0.4 percent or $5.29 to trade at $1,323.25 per ounce on Wednesday, according to Reuters. Bullion-backed funds saw inflows, showing investor confidence in the metal in advance of the release of the most recent Federal Reserve meeting minutes.

“The dovish message we’ve been getting out of the Fed in the face of all this stronger economic data is, in our view, the main reason why gold prices are up here,” Natixis analyst Nic Brown told Reuters. “The minutes will give a more balanced perspective in terms of what everyone on the Fed thinks.”

U.S. gold futures for August delivery rose $7.70 per ounce to $1,324.20.