The price of gold was steady above $1,250 Wednesday morning, with the US dollar moving lower against its key counterparts in early deals ahead of the U.S. FOMC minutes and the Federal Reserve Chairman Bernanke's speech, which are due later in the global day.
Gold for August delivery, the most actively traded contract, added $6.20 to $1,252.10 an ounce. Yesterday, gold settled higher mostly on bargain hunting with some disappointing inflation data out of China, even as the dollar strengthened against some major currencies.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, moved down to 939.75 tons from 946.96 tons.
Meanwhile, the U.S. dollar was easing from its 6-week high versus the euro and a four-month high against sterling. The buck was hovering around its one-month high versus the Swiss franc and the yen.
In economic news from the euro zone, Germany's EU harmonized inflation accelerated in June as initially estimated, final data released by the Federal Statistical Office showed. Inflation as per the harmonized index of consumer prices increased to 1.9 percent in June from 1.6 percent in May. The outcome matched the preliminary estimates.
Elsewhere, the prices of silver and platinum were ticking higher in morning deals.
From the U.S., the Commerce Department will release its wholesale inventories report for May at 8:30 am ET. Economists expect wholesale inventories to have increased by 0.3 percent month-over-month in May.
The Federal Reserve is scheduled to release the minutes of its June 18-19 FOMC meeting at 2 pm ET.
