Gold turns higher after Fed minutes

Gold for February delivery GCG4 +0.05%  moved $1 higher in electronic trade to $1,226.60 an ounce. March silver SIH4 +0.42%  rose 8 cents, or 0.4%, to $19.62 an ounce.

A day earlier, gold futures settled lower for a third consecutive session as data showing that the private sector in December added the most jobs in more than a year, which helped buoy the U.S. dollar

Minutes from the Federal Reserve meeting showed central-bank officials were in broad agreement over last month’s decision to start reducing the asset-purchase program, as most believed the policy was losing its punch. “As long as the Fed continues to maintain its decision to taper $10 billion per month, we will see minimal upside volatility in gold [and other] precious metals,” Sica Wealth Management President and Chief Investment Officer Jeffrey Sica said.

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