CHICAGO, Oct. 11 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Wednesday ahead of the release of the Federal Open Market Committee (FOMC) meeting minutes.
The most active gold contract for December delivery rose 12.00 U.S. dollars, or 0.64 percent, to close at 1,887.30 dollars per ounce.
Shortly after the floor trading of gold closed, the FOMC September policy meeting minutes were released, indicating that all participants of the meeting agreed rates should stay high for some time.
The minutes showed that Fed officials were highly uncertain about the future path of the economy and decided to proceed in a careful meeting-by-meeting approach to interest rate policy.
The U.S. Labor Department reported Wednesday that the U.S. producer price index rose 0.5 percent in September, higher than the Dow Jones estimate for a 0.3-percent rise, but less than the 0.7-percent increase reported in August.
San Francisco Fed President Mary Daly said recently that with U.S. inflation down from its peak, the risk of raising interest rates too little no longer outweighs the risk of raising rates too much.
Atlanta Fed President Raphael Bostic sees no more U.S. rate hikes.
Fed Governor Christopher J. Waller said in a fireside chat on Wednesday that the Federal Reserve can watch and see what happens before taking further action with interest rates as financial markets tighten.
The U.S. consumer price index (CPI) data is due out Thursday.
Silver for December delivery rose 18.00 cents, or 0.82 percent, to close at 22.133 dollars per ounce. Platinum for January delivery rose 2.80 dollars, or 0.31 percent, to close at 893.00 dollars per ounce.
