Gold Steadies Above $1210 after Fed Minutes

Gold rose on Wednesday, briefly climbing to a new session high as the dollar pared its gains after U.S. Federal Reserve minutes showed policy makers believed it would be premature to raise interest rates in June.

Many officials at the Fed’s April policy meeting believed that a bump in inflation was being offset by a weaker labor market and softer data, according to minutes from the meeting released on Wednesday.

Spot gold was up 0.2 percent at $1,211.06 an ounce, after climbing 0.5 percent to a session high at $1,213.36 after the Fed minutes were released.