Metals: Gold Continues Rise After Fed Minutes Show Division

About 10 minutes into trading the Dow Jones Industrial Average stood at 22,048.06 up 0.2 percent

However, in regards to the timing of its next rate hike, several officials were hesitant to pull the trigger due to low inflation, which remains below the Fed's target goal. However, "many" saw some "likelihood" that it would remain below that level for longer than expected.

The bond purchases caused the amount of assets on the Fed's balance sheet to more than quadruple since 2008.

The move to stop the unwinding will be a seminal moment in the decade-long effects of the financial crisis, during which the Fed and other central banks chose to buy bonds in an effort to support the economy known as quantitative easing.

Signs of the central bank's caution came as President Donald Trump dissolved two business advisory group, sowing further doubts over his ability to deliver growth-boosting spending plans he promised when elected. The moves sparked speculation that the president's embattled policy agenda may face higher hurdles amid flagging support among business leaders.

Bond prices had declined earlier this week partly in response to easing tensions between the US and North Korea.

In June, Fed policymakers voted 8 to 1 to increase the rate by 0.25 percentage point, the third such increase in six months.

Futures for the Dow Jones Industrial Average climbed 47 points to 22,024.00, while the Standard & Poor's 500 index futures rose 5.25 points to 2,469.00.

- The U.K.'s FTSE 100 index surged 0.7 percent.

The dollar was also down against the yen, trading at 109.69 yen.

Indeed, US Treasuries rose, pushing yields on the 10-year note five basis points lower to 2.22 percent. The Shanghai Composite rose 0.44% and the Shenzhen Composite was higher by 0.14%. The euro has risen close to 12 percent against the dollar this year.

It fell about 1.5 percent to $4,308.48, but remained within a whisker of its all-time high of $4,400 touched earlier this week.

As can be expected from a weaker greenback, gold was one of the main beneficiaries with the COMEX December contract for gold climbing 1% to $1,288.50/oz., shaking off two days of losses in the process.

Gold XAU= advanced 0.4 percent to $1,287.51 an ounce, adding to Wednesday's 0.9 percent jump.

"Many participants, however, saw some likelihood that inflation might remain below 2 percent for longer than they now expected, and several indicated that the risks to the inflation outlook could be tilted to the downside", the minutes noted.

With assistance from Adam Haigh and Robert Brand.

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