By Kaya Yurieff
NEW YORK: Shares of Barrick Gold (ABX) were higher in late-morning trading on Thursday as gold prices rose.
For December delivery, gold was increasing 0.38% to $1,353.90 per ounce on the COMEX this morning.
The price of the precious metal is getting a lift from a weaker dollar today after minutes from the Federal Reserve's July meeting. Gold is more expensive to foreign currency holders when the greenback is strong.
Yesterday's minutes showed that policymakers are divided over whether to hike interest rates soon, Reuters reports.
Gold is non-interest paying and struggles to compete with assets that offer a yield when interest rates are increased.
Members of the central bank's rate-setting Federal Open Market Committee were mostly upbeat about the U.S. economy and labor market, but several said any slowing in future hiring would argue against a near-term rate raise, Reuters added.
"Until we have clarity around the U.S. rate hike, gold is going to remain range bound between $1,320 and $1,370," ING Bank senior strategist Hamza Khan told Reuters.