* Spot gold was up 0.1% at $1,741.80 per ounce by 0044 GMT. U.S. gold futures edged 0.2% higher to $1,742.70.
* The dollar fell 0.6% overnight and was flat at 107.080 during early trading on Wednesday, making gold less expensive for other currency holders.
* Market participants are awaiting the minutes of Fed‘s Nov. 1-2 policy meeting due at 1900 GMT.
* At the beginning of this month, the U.S. central bank delivered a fourth consecutive 75 basis-point rate hike to tame inflation in what has become the fastest tightening of monetary policy in 40 years.
* The Fed may need to raise interest rates to a higher level and hold them there for longer in order to successfully moderate consumer demand and bring down high inflation, Kansas City Fed President Esther George said on Tuesday.
* Although gold is seen as a hedge against inflation, rising U.S. interest rates dull non-yielding bullion’s appeal.
* Fed fund futures are now pricing in a 79% chance of 50-basis point hike in the December meeting.
* SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings rose 0.10% to 906.93 tonnes on Tuesday from 906.06 tonnes on Monday.
* Spot silver was steady at $21.08 per ounce, platinum rose 0.4% to $994.50, while palladium was little changed at $1,858.20.