Gold fails to rebound after Fed's minutes, dollar's advance

Gold prices were little changed in Asian trade on Thursday, carrying on the losses of earlier this week, after the dollar rose on the back on the Federal Reserve's meeting minutes. 

The Fed reiterated the path of gradual policy tightening as growth, inflation outlook improve, raising chances of multiple US rate hikes this year and underpinning the US dollar against rivals. 

As the dollar rises, dollar-denominated commodity futures such as gold lose ground for they become more expensive to holders of other currencies.

US treasury bond yields rose as well as analysts now expect four instead of three Fed rate hikes this year, drawing investments away from gold and stocks towards bonds. 

Gold prices inched up to $1,324.18 an ounce from the opening of $1,323.99, with an intraday low at $1,322.62, and a high at $1,327.08.