Gold held steady on Thursday, after hitting an eight-week low in the previous session, as the Federal Reserve minutes released on Wednesday showed the central bank was split on how inflation might affect the future pace of interest rate hikes. Spot gold was nearly flat at $1,226.70 per ounce at 0421 GMT. It touched $1,217.14 in the previous session, its lowest since May 10.
US gold futures for August delivery gained 0.4 percent to $1,226.40 per ounce. "The FOMC meeting minutes gave some strength to gold in the previous session through the dollar's weakness," said Yuichi Ikemizu, Tokyo branch manager at ICBC Standard Bank, adding that "(investors) used this opportunity to buy back their positions." Holdings in SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, fell 0.66 percent to 840.67 tonnes on Wednesday.
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