Precious-Gold inched up on Thursday, yet continued to trade below $1300, after Fed minutes, before the release of important U.S. data.  

Markets focused yesterday on the Federal Reserve minutes of its April 29-30 meeting, where the minutes showed the Fed would continue with its stimulus reductions plan.

Inflation risks are muted and therefore the Fed does not “face a trade-off between its employment and inflation objectives, and an expansion of aggregate demand would result in further progress relative to both objectives,” the minutes said.

The Fed discussed the options of raising short-term interest rates, but this does not mean this does not mean that an interest rate hike would come any soon, minutes showed.  

Policymakers decided to cut bond purchases for a fourth straight month to $45 billion from a total of $85 billion, where the most recent data suggest that recovery is gaining momentum. 

A report due later in the day may show U.S. initial jobless claims slipped to the lowest level in seven years.

Meanwhile, gold is trading around $1294.96 an ounce after hitting a high of $1296.24 and a low of $1289.91.

The metal continued to trade below that the fall below $1297.45, which represents Daily SMA 200, where over the recent past weeks the trading remained range bounded.

The U.S. dollar was little changed versus a basket of major currencies to hover around 80.14, after touching a high of 80.24.

Crude oil for July’s delivery resumed its advance to trade around $104.01 a barrel from the session’s opening of $103.81.

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