Investing.com - Gold prices edged higher during European morning hours on Thursday, as investors digested the latest Federal Reserve meeting minutes.
Comex gold futures rose $3.95, or about 0.3%, to $1,237.25 a troy ounce by 3:15AM ET (08:15GMT), after losing $5.60, or around 0.5%, on Wednesday. Spot gold was steady at $1,236.70 per ounce.
Minutes from the Fed's latest meeting showed policymakers thought it may be appropriate to raise interest rates again "fairly soon" should jobs and inflation data come in line with expectations.
However, the U.S. central bank gave no firm signal on the timing of its next rate move, with policymakers noting uncertainty over economic policy under the Donald Trump administration.
Fed fund futures priced in about a 22% chance of a rate hike in March, according to Investing.com's Fed Rate Monitor Tool, little changed from before the release of the Fed minutes. Odds of a May increase was seen at around 54%, while June odds were at 74%.
The U.S. dollar index, which measures the greenback's strength against a trade-weighted basket of six major currencies, was steady at 101.32 in London morning trade, retreating from the prior session's high of 101.71.
Treasury yields were little changed, with the U.S. 10-Year yield around 2.415%.
On the data front, Thursday's calendar features weekly jobless claims at 8:30AM ET (13:30GMT) and FHFA home prices at 9AM ET (14:00GMT).
Market players will also focus on comments from Treasury Secretary Steve Mnuchin, who appears on CNBC's "Squawk Box" at 7AM ET (12:00GMT), for further hints on tax reform and fiscal stimulus.
Mnuchin on Wednesday praised the strong dollar as a reflection of confidence in the U.S. economy, telling The Wall Street Journal in an interview that it was "a good thing" in the long run.
Meanwhile, markets were also in a wait-and-see mode in anticipation of President Donald Trump's address of a joint session of Congress on Tuesday next week, at which he is expected to announce tax policies.
Also on the Comex, silver futures for March delivery tacked on 1.2 cents, or about 0.1%, to $17.96 a troy ounce.
Meanwhile, platinum was down 0.3% to $999.65, while palladium shed 0.5%, to $765.10 an ounce.
Elsewhere in metals trading, copper futures lost 2.2 cents, or about 0.8%, to $2.711 a pound, despite concerns over supply disruptions in Chile and Indonesia supported prices.
Prices of the red metal rallied to a 20-month peak of $2.822 last week after strikes at BHP Billiton (LON:BLT)'s Chilean Escondida and Freeport McMoran (NYSE:FCX)'s Indonesian Grasberg mine.
Combined, the mines produce roughly 10% of the world's total copper supply.