FX.co ★ Gold Inches Higher As Investors Await Fed Minutes

Gold prices were a tad higher on Wednesday and the dollar held steady after data showed China's services activity expanded at the slowest pace in five months in June, adding to worries about a faltering post-pandemic recovery in the world's second-largest economy.

Spot gold edged up 0.1 percent to $1,928.26 per ounce, while U.S. gold futures were up 0.4 percent at $1,936.20.

Data pointing to China's faltering economic recovery soured investor sentiment.

Elsewhere, Eurozone Services PMI was finalized at a 5-month low and the U.K. services PMI showed renewed signs of fragility, suggesting that major economies will fall into recession later this year.

Uncertainty persists over Fed policy, with investors now seeking direction from the release of minutes from the Federal Reserve's June meeting later in the day and Friday's U.S. nonfarm payrolls report.

The U.S. central bank is expected to resume its tightening campaign in July after signaling the need to deliver at least two more quarter-point interest rate hikes before the end of the year.