WASHINGTON (dpa-AFX) - Gold prices rose on Wednesday while the dollar drifted lower as investors eagerly await the release of the Federal Reserve's latest policy meeting minutes.
Spot gold jumped 0.8 percent to $2,347.10 per ounce while U.S. gold futures were up nearly 1 percent at $2,356.55.
The dollar dipped as investors reacted to dovish comments from Federal Reserve Chair Jerome Powell.
On Tuesday, Powell acknowledged progress in disinflation but added that officials need more confidence before cutting interest rates.
Powell said at the ECB Forum in Portugal that policy makers want to understand whether recent weaker inflation readings indicate a true picture of underlying price pressures.
As growth worries mount, it is widely accepted that the Fed will likely cut interest rates at its meeting in September.
The U.S. financial markets will close early today at 1 p.m. ET before Thursday's Independence Day holiday.
Reports on ADP National Employment and weekly jobless claims are due before the opening bell, a day after data showed higher U.S. job openings as well as layoffs in May.
The minutes from the Federal Reserve's June policy meeting will be closely watched ahead of the nonfarm payrolls report, due on Friday.
U.S. mortgage approvals data, trade data for May and factory orders for May are also slated for release in the New York session later in the day.
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