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Gold prices were flat on Thursday, hovering below a more than four-month high hit in the previous session, as the dollar firmed and U.S. Treasury yields rose after the release of the minutes from the Federal Reserve's last monetary policy meeting.

FUNDAMENTALS

* Spot gold was flat at $1,869.50 per ounce by 0500 GMT, after hitting its highest since Jan. 8 at $1,889.75 on Wednesday.

* U.S. gold futures fell 0.7% to $1,869.20 per ounce.

* Minutes of the U.S. central bank's April 27-28 meeting said a number of policymakers thought if the U.S. economy continued rapid progress, it would be appropriate "at some point" to discuss tightening its accommodative policy.

* Higher interest rates increase the opportunity cost of holding bullion.

* The dollar index bounced off from a near three-month low, while benchmark U.S. Treasury yields rose to a one-week high after the Fed minutes. [US/]

* British inflation more than doubled in April, the start of a likely climb in prices this year as rich economies recover from pandemic lockdowns, but one that the Bank of England hopes will prove temporary.

* The surge in euro zone inflation is temporary and consumer prices should fall sharply next year, European Central Bank board member Isabel Schnabel told German broadcaster ARD on Wednesday.

* Japan's exports grew the most since 2010 in April, supported by a favourable comparison with the sharp plunge seen during the initial months of the pandemic a year earlier.

* SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, said its holdings fell 0.5% to 1,031.27 tonnes on Wednesday from 1,035.93 tonnes on Tuesday. [GOL/ETF]

* Palladium gained 0.3% to $2,875.94 per ounce, silver eased 0.3% to $27.66, while platinum edged 0.2% higher to $1,193.32.

DATA/EVENTS (GMT)

0130 Australia Employment April

0130 Australia Unemployment Rate April

1230 US Initial Jobless Clm Weekly

1230 US Philly Fed Business Indx May