Gold up ahead of Fed minutes release

Gold futures on the COMEX division of the New York Mercantile Exchange rose ahead of the release of the minutes from a US Federal Reserve meeting.

The most active gold contract for December delivery rose $11, or 0.98 percent, to settle at $1,127.90 per ounce on Wednesday, Xinhua reported.

Gold was given support as traders speculated on the information contained in the release of the meeting minutes from the last Federal Open Market Committee.

Analysts expect the US central bank to increase the interest rate in September, assuming that employment data remains strong. An increase in the Fed's interest rate drives investors away from gold and towards assets with a return, as the precious metal bears no interest.

The precious metal was given additional support as a report released by the US Department of Labor showed the consumer price index rising by a 0.1 percent in July, which analysts said was lower than expected.

The report also shows overall inflation increasing by 0.2 percent, which analysts note is the second positive reading of the year.

Analysts also said that declines in global stock markets provided a boost to gold on Wednesday.

Silver for September delivery rose 38.9 cents, or 2.63 percent, to close at $15.179 per ounce. Platinum for October delivery added $19, or 1.91 percent, to close at $1,013.10 per ounce.