Gold prices rose on Wednesday, extending gains for the sixth day, to continue trading above the $1,800 barrier, near touching a 3-week high, thanks to the US Treasury bond yields' drop, ahead of the release of the US Federal Reserve's meeting minutes.

Gold prices rose more than 0.6% to $1,808.42 an ounce, after opening at $1,796.69, and a low at $1,793.91.

Gold gained 0.3% yesterday, in the fifth straight daily gain, and hit a 3-week high at $1,814.99 an ounce.

The 10-year US Treasury bond yield fell 1.5% today, deepening losses for the seventh straight day, and hit a 5-month low at 1.33%.

The Federal Reserve will release the minutes of its last meeting, which is expected to provide insight on the future monetary policy.

During the June 15-16 meeting, the US Federal Reserve decided to hold the interest rate between zero and 0.25% unchanged, and addressed the recent rise in inflation according to the recent economic data, as the Fed officials see that the rise in consumer prices is temporary.

The Federal Reserve also expected the personal consumption expenditures index (which the Fed uses to measure inflation) to rise by 3.4% in 2021 from 2.4%, and raised its forecast for 2022 and 2023 to 2.1% and 2.2% respectively.

The Fed raised its forecast for US GDP growth this year to 7% from 6.5% in March, and kept its forecast for the US economy growth in 2022 at 3.3%, but raised its forecast for 2023 to 2.4% from 2.2%.

Gold stocks at the SPDR ETF fell 0.35 metric tonnes yesterday, with the total at the lowest level since June 17 at 1,042.23 metric tonnes.

The Australian dollar fell against most of majors on Tuesday, following the RBA's expected decision and its president Philip Low's remarks.

The Reserve Bank of Australia held the interest rate unchanged at 0.10%, which was widely expected.

Lowe stated after the decision that the RBA does not ruled out an interest rate hike before 2024 depending on the released economic data.

However, Lowe projected that the Australian economy will lag other developed nations in moving interest rates higher.

The bank president reiterated that interest rates will remain around 0.1% for several years depending on the economic data rather than timing or timetables.

As of 16:35 GMT, AUD/USD fell 0.6% to 0.7486, after hitting a high of 0.7600, and a low of 0.7480.

Palladium prices rose on Tuesday, after the US market reopened following the 4th of July holiday, and despite the US dollar's rebound against most of its rivals.

Wall Street's stock and bond markets were closed on Monday in observance of the US Independence Day holiday.

Palladium is heading toward the $3,000 barrier once again after hitting it earlier this year, but the US dollar pushed the metal lower afterwards.

The recovery of the global economy, led by the US economy, will undoubtedly lift demand for commodities and metals.

The dollar index rose against a basket of currencies by 0.2% to 92.4 points as of 13:34 GMT, after it hit a high of 92.4 points and a low of 92 points.

Palladium September futures rose 2.7% to $2,867 an ounce as of 13:34 GMT, with a high of $2,883 and a low of $2,815.

The major US stock indices opened mixed on Tuesday, after returning from the 4th of July holiday, but Nasdaq managed to hit a new record high.

Wall Street's stock and bond markets were closed on Monday in observance of the US Independence Day holiday.

Efforts to contain the coronavirus pandemic are continuing around the world, and the UK announced yesterday its plan to lift the lockdown restrictions.

The US Non-Farm employment change reading for June, showed the addition of 850K jobs, better than forecasts of adding 706K jobs.

As for stocks, Dow Jones fell 0.4% or 126 points to 34,660 as of 13:56 GMT, and S&P 500 fell 0.2% or 7 points to 4,344, while Nasdaq rose 0.2% or 33 points to 14,672.