Gold Off 11-Week Highs After Fed Signals More U.S. Rate Hikes

Gold eased off multi-week highs on Thursday as minutes from the Federal Reserve's last policy meeting raised expectations of a faster pace of U.S. rate hikes, but concerns about possible U.S. military action against Syria limited losses.

After rising for four previous sessions, spot gold was down 0.2 percent at $1,350.70 an ounce as of 0319 GMT and U.S. gold futures fell 0.4 percent to $1,354.5 an ounce.

All of the Federal Reserve's policymakers felt that the U.S. economy would firm further and that inflation would rise in the coming months, minutes of the central bank's last policy meeting on March 20-21 released on Wednesday showed.

Higher interest rates discourage the buying of non-interest-paying bullion, which is priced in dollars.

Gold on Wednesday rose 1 percent and hit a high of $1,365.23 an ounce, its highest since Jan. 25.

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Suhani Verma

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