Gold rises from one-week low ahead of FOMC minutes

Gold prices rose on Wednesday, rebounding from a one-week low hit in the previous session as markets await the release of the Federal Reserve’s January meeting minutes for hints about the rate-cut outlook. Spot gold rose 1.1% to $4,929.69 per ounce by 0414 GMT, after declining more than 2% on Tuesday. US gold futures for April delivery gained 0.9% to $4,949.20. “Broadly speaking, $4,700 to $5,100 will be a broad range for the entire year,” said Jigar Trivedi, a senior research analyst at IndusInd Securities. After January’s FOMC minutes that are due later today, investors will parse the US Personal Consumption Expenditures report for December, due on Friday, for further indications on where rates may head this year.