2019.08.2114:56:00UTC+00Gold Futures Settle Flat Ahead Of Fed Minutes

Gold prices recovered after a weak start to end flat on Wednesday, with traders largely staying wary of making big moves ahead of the release of the minutes of the Federal Reserve's late July meeting.

The early weakness of the yellow metal was due to the firm trend exhibited by European and U.S. stocks thanks to increased risk appetite of investors.

The dollar index was sluggish right since morning and was last seen at 98.18, down marginally from previous close, after moving between 97.75 and 98.30.

Gold futures for December, which rose to $1,518.40 an ounce from an early low of $1,506.50, ended at $1,515.70, their previous close.

On Tuesday, gold futures for December ended up $4.10, or 0.3%, at $1,515.70 an ounce.

Silver futures for September ended up $0.003, at $17.151 an ounce, while Copper futures for September settled at $2.5855 per pound, up $0.0075 from previous close.

Traders were also reacting to President Donald Trump's comments that pressurize the central bank to reduce interest rates. Trump said the Fed's policies were hampering the country's growth and reducing its ability to compete economically.

According to a report released by the National Association of Realtors, existing home sales in the U.S. showed a notable rebound in the month of July, jumping 2.5% to an annual rate of 5.42 million, after slumping by 1.3% to a revised rate of 5.29 million in June.

Economists had expected existing home sales to surge up by 2.3% to a rate of 5.39 million from the 5.27 million originally reported for the previous month.