Gold is steady as attention shifts towards U.S. Fed minutes

The gold price was not much changed on Wednesday , as investors avoided huge bets ahead of the minutes of the U.S. Federal Reserve's most recent policy meeting.

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Spot gold was around $1,833.30 per ounce at 1053 GMT. U.S. gold futures were unchanged at $1,842.50.

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"The the market's attention is now focused on Fed minutes that will be released later in the day, but there are concerns over higher inflation, it's a good idea to be aware of that.

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The minutes of the Fed's most recent meeting are due by 1900 GMT on Wednesday.

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Gold is extremely sensitive to the increase in U.S. interest rates, because they increase the price of holding bullion that is not yielding.

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Recent positive U.S. economic readings have been a catalyst for increased odds of rate hikes by the Fed and putting pressure on prices for gold which have dropped 4.9 percent.

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Gold could revisit a level of $1,830 for an ounce. the break below could lead towards $1,816, as per Reuters Technical analyst Wang Tao.

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