Gold holds steady as markets await Fed meeting minutes for policy clues

Gold prices were essentially flat on Wednesday, with spot gold and December futures showing minimal change as market participants awaited the Fed's September meeting minutes. The minutes, due later in the day, are seen as a key source of clues about the central bank's future rate path. San Francisco Fed chief Mary Daly expressed support for the recent rate hike, emphasizing rising inflation risks, while Kansas City Fed chief Jeff Schmid warned that additional tightening could be required despite higher long-term yields.

Recent softer economic data have lowered expectations for an October rate hike, yet traders still assign a strong likelihood to a December increase. In a separate forecast, delegates at the London Bullion Market Association's annual meeting in Sorrento, Italy, projected gold could reach over $5,000 per ounce within a year. Prices of other precious metals moved modestly, with silver slipping, platinum edging up, and palladium easing slightly.