Gold prices rise as US Treasury yields ease ahead of Fed minutes

BAGHDAD, Iraq — Gold prices advanced on Wednesday as US Treasury yields declined, with investors awaiting the minutes from the US Federal Reserve's July meeting. Spot gold rose 0.5 percent to $4,356.55 per ounce, recovering from a 2 percent drop in the previous session. US gold futures traded 0.2 percent lower at $4,410.20. According to the CME Group's FedWatch tool, markets are pricing in a 64 percent probability that the Fed will leave interest rates unchanged at its September meeting, with a 36 percent chance of a rate hike. The Fed minutes, due later on Wednesday, are expected to provide further insight into policymakers' discussions on the path of monetary policy. Among other precious metals, silver slipped 0.4 percent to $63.03 per ounce. Platinum gained 0.5 percent to $1,720.10, while palladium held steady at $1,289.45.