Gold futures on Wednesday finished higher for a fifth straight session, before the release of minutes from the latest meeting of the U.S.’s rate-setting Federal Open Market Committee showed officials pondering the start of a reduction in asset purchases.

The gains in bullion were supported by a steady U.S. dollar and a decline of 10-year Treasury note yields to levels not seen since February, helping to bolster appetite for precious metals.

Gold’s recent bullish trend, which Tuesday helped to propel the precious metal toward a golden cross, which occurs when the 50-day moving average crosses above the 200-DMA, has been supported by buying in safe-haven assets and muted moves in U.S. dollars.

August gold


traded $8 higher, or 0.4%, to settle at $1,802.10 an ounce, following a 0.6% rise on Tuesday that pushed the metal to around a three-week high amid its longest string of gains since a six-session streak ended May 20. Gold hasn’t finished at or above the psychologically significant level at $1,800 since June 16.

Trading for bullion comes as yields for the 10-year

and 30-year Treasury

dipped to their lowest levels since February. Lower yields support bullion because it lowers the opportunity cost of owning non-yielding precious metals.

Gold settled before minutes from the Fed’s last policy meeting were released at 2 p.m. Eastern. Those minutes, from the rate-setting Federal Open Market Committee’s June 15-16 gathering, indicated that officials wanted to eventually taper asset purchases, running at $120 billion a month, as a “matter of prudent planning.”

Several officials advocated for reducing $40 billion in monthly purchases in mortgage-backed securities and a “various” members of the Fed saw the economy meeting the central bank’s definition of “substantial progress” earlier than anticipated.

Elsewhere on Comex, silver contracts for September delivery


shed 4.5 cents, or 0.2%, to end at $26.129 an ounce, more than erasing a similar drop on Tuesday for gold’s sister metal.

Rounding out metals trade, October platinum

 shed $2.10, or 0.2%, to settle at $1,081.90 an ounce, after a 0.3% decline on Tuesday. September palladium

jumped $52.20, or 1.9%, to end at $2,848.30 an ounce after a 0.1% rise on Tuesday.

The September copper contract

advanced 7.15 cents, or 1.7%, to settle at $4.3225 a pound, following a 0.6% fall a day ago.

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