15.08.201723:56:00UTC+00Gold Prices Rose Ahead of Minutes from Fed Meeting

Gold prices climbed early on Wednesday as the dollar fell slightly. Investors await the release of minutes from the U.S. Federal Reserve's meeting in July for indications on the pace of potential interest rate increases.

Spot gold rose 0.1 percent at $1,272.47 an ounce, after slipping for two consecutive days.

U.S. gold futures for December delivery dropped 0.13 percent to $1,278.00 an ounce.

The dollar slipped in early Asian trading on Wednesday. However, it managed to hold onto most of its gains that it made after the release of a strong U.S. retail sales data.

The prospect of another hike in U.S. interest rates has weighed on gold after an influential Federal Reserve official recently said that he sees one more increase in 2017.

Speculative investors who had in recent weeks built up large wagers on higher prices were compelled to trim their positions, according to Saxo Bank analyst Ole Hansen.