Gold inches higher, focus on Fed minutes

FUNDAMENTALS

Spot gold was up 0.2% at $4,342.33 per ounce, as of 0030 GMT after falling nearly 2% on Tuesday. Meanwhile, U.S. gold futures for December delivery edged 0.6% lower to $4,396.30.U.S. yields backed off earlier highs, switching directions amid a global bond selloff that saw long-term borrowing costs in major economies edge toward their highest levels in decades. [US/]

U.S. President Donald Trump said no talks were taking place with Iran and insisted the Strait of Hormuz was open, contradicting Iran's assertion that the critical waterway remained shut to shipping. The receding prospects of a deal to end the nearly six-month conflict drove up oil prices. [O/R]

Rising energy prices could bolster the case for higher interest rates to rein in inflation, despite recent U.S. economic indicators showing unexpected employment losses, milder inflation, and weak July retail spending.

Meanwhile, the Bank of England will leave interest rates unchanged at 3.75% for the rest of the year, according to a strong majority of economists polled by Reuters.

Among other metals, spot silver fell 0.5% to $62.99 per ounce. Platinum climbed 0.3% to $1,717.03, while palladium lost 0.3% at $1,286.73.

DATA/EVENTS (GMT)

0600 UK Core CPI YY Jul0600 UK CPI YY Jul

0600 UK CPI Services MM, YY Jul

0600 EU HICP Final MM, YY Jul

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