Spot gold rises to session high after Fed meeting minutes

IG Sentiment

Spot gold rises to session high after Fed meeting minutes

"While June seems a given for a rate hike, investors are questioning a September move, especially if economic data continue to be mixed and if inflation doesn't gain momentum", Prudential's Krosby said in an email.

Federal funds futures imply traders see an 83% chance of a rate rise in June and a 46% probability of two increases by the end of 2017, according to the CME Group's FedWatch tool.

Fed minutes showed broad agreement on plans to begin shrinking the central bank's balance sheet and also pointed to a likely rate increase next month. The Russell 2000 index of small-company stocks added 1 point, or 0.1 percent, to 1,382.

Hang Seng Index was increased by 0.6%, the Shanghai Composite also increasing by 1.43 or 43.7971 points almost hitting the 3,107.873 mark, and the Shenzhen Composite also rising up by a total of 0.725% or 13.0341 points at 1,811.9033.

The benchmark 10-year Treasury yield was 2.254 percent, down 1 basis point from late on Wednesday.

At 10:56 a.m. ET the Dow Jones Industrial Average was up 31.67 points, or 0.15 percent, at 20,969.58, the S&P 500 was up 2.15 points, or 0.08 percent, at 2,400.57 and the Nasdaq Composite was up 9.63 points, or 0.16 percent, at 6,148.34. Elsewhere hard drive maker Western Digital added $2.28, or 2.6 percent, to $90.31 and chipmaker Nvidia rose $1.78, or 1.3 percent, to $138.81.

Oil prices were lower after the Energy Information Administration said United States crude oil inventories fell for the seventh straight week. Lowe's stock is down 1 percent over the last 12 months while Home Depot has climbed 16 percent.

Seven of the 11 major S&P 500 sectors were higher, led by the materials index's 0.67 percent rise.

Jewelry retailer Tiffany (TIF.N) sank 8.7% after posting a surprise drop in comparable sales.

The seven-year note auction drew a high yield of 2.060 percent and a bid-to-cover ratio of 2.54, while the ten previous seven-year note auctions had an average bid-to-cover ratio of 2.53. Signet Jewelers, which reports on Thursday, was down 6 percent.

US stocks are climbing for the sixth day in a row Thursday as strong quarterly results from retailers including Best Buy, Williams-Sonoma and PVH give consumer-focused companies a lift. Wall Street liked what it saw.

ENERGY: Benchmark U.S. crude rose 28 cents to $51.74 per barrel in NY while Brent crude, used to price worldwide oils, climbed 29 cents to $54.44 a barrel in London.

CURRENCIES: The dollar rose to 111.66 yen from 111.50 yen.

ENERGY: Oil futures reversed earlier gains just ahead of a meeting of the Organization of the Petroleum Exporting Countries and other nations to meet and discuss production.

Asian markets rose on Thursday as traders welcomed indications from the Federal Reserve that interest rates could rise next month, while oil prices rallied ahead of an expected extension to output cuts.

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