Gold steady above $1,200 as June rate hike prospects dim

Gold held above $1,200 an ounce on Thursday as minutes from the Federal Reserve’s policy meet showed the U.S. central bank was unlikely to hike interest rates in June, in line with market expectations.

Spot gold was steady at $1,209.60 an ounce by 0658 GMT, after gaining 0.2 percent in the previous session.

Minutes of the Fed’s April meeting, released on Wednesday, showed policymakers believed it would be premature to hike interest rates in June, a view that is already widely held in the market following disappointing U.S. economic data.

Gold prices have struggled to break out of a $1,170-$1,230 an ounce range since mid-March, hamstrung by uncertainty over the timing of an expected rise in U.S. interest rates.

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