Gold is currently at $1,210.40 (-0.08%) holding above the key $1,200 an ounce level after minutes from the Federal Reserve's January meeting suggested the central bank of the U.S. could delay the next rate hike amid growing economic uncertainties. Recently the non-interest-paying precious metal benefited from speculation that the Fed would not be able to raise rates as fast as it planned.

On Wednesday Bank of America Merrill Lynch cut its forecast for the number of rate hikes the Federal Reserve will conduct this year to 2 from a 3-4 range projected earlier.