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Fed Minutes: Inflationary pressures paved the way for another interest rate hike
The latest Federal Reserve's meeting minutes showed that policymakers were still concerned about inflation and wanted more interest rate hikes if economic conditions didn't change.
The minutes also confirmed the prevailing view, that inflation is still far from the targets.
The meeting stated that as inflation remained above the targets and the labor sector remained tight, most policymakers supported more policy tightening.
The Fed decided at the July meeting to raise interest rates by 25 basis points to a 22-year peak.
While several Fed officials since then expressed their opinions that another rate hike isn't necessary, the minutes clearly shows their concerns.
Gold declines as markets await Fed minutes
Gold prices lost ground on Wednesday as the dollar edged up against most major rivals and ahead of the Federal Reserve's meeting minutes.
Earlier US data showed industrial production rose 1% in July, beating estimates of a 0.5% increase, and compared to June's 0.8% contraction.
Other data showed housing starts rose 3.9% to 1.45 million units in July as expected.
Investors are now awaiting the Federal Reserve's meeting minutes later today to gather more clues on the likely path ahead for monetary policy.
Otherwise, the dollar index rose 0.1% as of 17:52 GMT to 103.3, with a session-high at 103.3, and a low at 102.9.
Gold spot prices fell 0.3%, or $5.70 as of 17:53 GMT to $1,929.60 an ounce.
US crude stocks fall more than expected
The Energy Information Administration reported a drawdown of 6 million barrels in US crude stocks last week to 439.7 million barrels, while analysts expected a drop of 2.4 million barrels.
Gasoline stocks fell 0.3 million barrels to 216.2 million barrels, as distillate stocks rose 0.3 million barrels to 115.7 million barrels.
Wall Street mixed at the open
US stock indices were mixed on Wednesday but tilted higher ahead of the Federal Reserve's meeting minutes.
Earlier US data showed industrial production rose 1% in July, beating estimates of a 0.5% increase, and compared to June's 0.8% contraction.
Other data showed housing starts rose 3.9% to 1.45 million units in July as expected.
Investors are now awaiting the Federal Reserve's meeting minutes later today to gather more clues on the likely path ahead for monetary policy.
On trading, Dow Jones rose 0.3%, or 123 points to 35,069 as of 16:03 GMT, while S&P 500 rose 0.2%, or 8 points to 4,446, as NASDAQ shed 0.1%, or 8 points to 13,623.