Gold futures edged higher Wednesday as traders awaited minutes of the Federal Reserve’s April meeting for clues on interest-rate policy. Gold for June delivery on Comex GCM5, +0.17% rose $2.10, or 0.2%, to $1,208.80 an ounce, while July silver SIN5, +0.49% gained 5.4 cents, or 0.3%, to $17.125 an ounce. Gold on Monday rose to its highest level in more than three months, but gave back some of those gains on Tuesday. The yellow metal has been stuck in trading range between resistance at $1,225 an ounce and support at $1,180 (see chart below). During that time, gold’s been buffeted by competing forces: rising bond yields, which are seen as a negative for the commodity, and a weaker dollar, which is seen as a positive, noted Matt Weller, senior technical analyst at Forex.com, in a note. It is rare, however, to see the dollar and bond yields move in opposite directions for a prolonged period, Weller noted. The two factors are likely “to come into alignment sooner rather than later, perhaps around the Fed’s highly-anticipated mid-June meeting,� he said. Meanwhile, traders will likely parse the release of the April minutes of the policy-setting Federal Open Market Committee that are due at 2 p.m. Eastern Time. Economists said the subdued tone of the Fed’s policy statement following that April meeting means the minutes, which will offer a summary of the panel’s policy debate, could virtually eliminate any remaining expectations for a rate hike in June. In other metals trade, July platinum PLN5, +0.51% rose $5.40, or 0.5%, to $1,156.30 an ounce, while June palladium PAM5, +0.95% gained $7.40, or 1%, to $782.50 an ounce. July copper HGN5, -0.04% dropped 0.25 cent, or 0.1%, to $2.835 a pound. More from MarketWatch Consumption only has loose connection with income, new study finds Obama to argue climate change is a national security threat A cocktail perfect for the Preakness MORE NEWS FROM MARKETWATCH Top StoriesTrendingRecommended When a fund purchase goes horribly wrong Oreo has a new, all-around-the campfire cookie Look who’s killing the great chiefs of Wall Street Soros sees risk of another world war Here’s what investors should really do this month Recommended by MARKETWATCH PARTNER CENTER CONTENT FROM OUR SPONSORS Recommended by 0 comments 51 PEOPLE LISTENING + Follow Share Post Comment Powered by Livefyre MORE HEADLINES 10 things you should never buy again MarketWatch Recommended by MARKETWATCH Site Index Topics Help Feedback Newsroom Roster Media Archive Premium Products Mobile COMPANY Company Info Code of Conduct Corrections Advertising Media Kit Advertise Locally License our Content Broker Center Your Ad Choices DOW JONES NETWORK WSJ.com Barron's Online BigCharts Virtual Stock Exchange Financial News Online WSJ.com Small Business realtor.com Mansion Global BACK TO TOP Copyright ©2015 MarketWatch, Inc. All rights reserved. By using this site you agree to the Terms of Service, Privacy Policy (Updated 5/5/2015), and Cookie Policy (Updated 5/5/2015). Intraday Data provided by SIX Financial Information and subject to terms of use. Historical and current end-of-day data provided by SIX Financial Information. Intraday data delayed per exchange requirements. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. All quotes are in local exchange time. Real time last sale data provided by NASDAQ. More information on NASDAQ traded symbols and their current financial status. Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. S&P/Dow Jones Indices (SM) from Dow Jones & Company, Inc. SEHK intraday data is provided by SIX Financial Information and is at least 60-minutes delayed. All quotes are in local exchange time. During that time, gold’s been buffeted by competing forces: rising bond yields, which are seen as a negative for the commodity, and a weaker dollar, which is seen as a positive, noted Matt Weller, senior technical analyst at Forex.com, in a note. It is rare, however, to see the dollar and bond yields move in opposite directions for a prolonged period, Weller noted. The two factors are likely “to come into alignment sooner rather than later, perhaps around the Fed’s highly-anticipated mid-June meeting,� he said. Meanwhile, traders will likely parse the release of the April minutes of the policy-setting Federal Open Market Committee that are due at 2 p.m. Eastern Time. Economists said the subdued tone of the Fed’s policy statement following that April meeting means the minutes, which will offer a summary of the panel’s policy debate, could virtually eliminate any remaining expectations for a rate hike in June. In other metals trade, July platinum PLN5, +0.48% rose $5.40, or 0.5%, to $1,156.30 an ounce, while June palladium PAM5, +0.89% gained $7.40, or 1%, to $782.50 an ounce. July copper HGN5, -0.05% dropped 0.25 cent, or 0.1%, to $2.835 a pound.

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