24.05.201801:36:00UTC+00Gold Prices Climb After Dovish Fed Stance

Gold prices rose for a second session on Thursday as the dollar extended losses after minutes of the latest Federal Reserve meeting hinted at a dovish approach to interest rate hikes in the United States.

Spot gold climbed 0.2 percent at $1,295.16 per ounce, after rising nearly 0.2 percent in the previous session.

U.S. gold futures for June delivery were up 0.4 percent at $1,294.60 per ounce.

Although the central bank's minutes on Wednesday showed another interest rate hike in the United States would be warranted "soon", it also showed that the Fed would tolerate inflation rising above its target for a time.

U.S. President Donald Trump also said on Wednesday he would know next week whether his summit with North Korean leader Kim Jong Un would take place as scheduled, casting further doubts on plans for the unprecedented meeting. Trump has also recently proposed looking into imposing new tariffs on imported cars.

The uncertainty surrounding markets had also helped gold prices push up, investors said.

Among other precious metals, silver added 0.1 percent at $16.44 an ounce, while platinum climbed 0.7 percent to $905.40 an ounce. Palladium rose 0.1 percent to $977.90 an ounce.