Spot gold inched down 0.03% to $1,736.76 per ounce at 01:49 GMT. US Gold fell 0.3% to $1,736.50 per ounce.
Officials at the Federal Reserve are concerned about the ongoing risks of the Covid-19 pandemic and are committed to supporting the economy until its recovery is more stable, according to minutes of the central bank’s most recent policy meeting released on Wednesday.
Read more: Asia shares set to follow Wall Street’s modest gains after Fed maintains stance
Asian equities were on track to mirror Wall Street’s cautious gains, weighing on the metal’s safe-haven allure.
The US trade deficit surged to a record high in February helped by massive fiscal stimulus that is expected to put the country’s economy on-track for the fastest growth in nearly four decades.
US President Joe Biden made a fiery appeal for US companies to foot most of the bill for his $2 trillion-plus infrastructure plan, but signalled an openness to negotiate over exactly how much they would have to pay.
Read more: Joe Biden’s infrastructure plan meets skepticism
Limiting gold’s losses, the US dollar traded near more than two-week troughs versus major peers on Thursday, tracking Treasury yields lower.
The National Bank of Hungary (NBH) said it had tripled the country’s gold reserves to 94.5 tonnes, its highest level in decades.
Silver fell 0.3% to $25.03 and palladium was down 0.2% to $2,617.71.
Platinum rose 0.1% to $1,226.16.