Gold price traded higher today due to the weaker-than-expected economic data from the U.S. The U.S. industrial production dropped 0.6% in March, missing expectations for a 0.2% decrease, after a 0.1% rise in February. The decline was driven by lower output of utilities. The U.S. manufacturing production increased 0.1% in March. Capacity utilisation rate fell to 78.4% in March from 79.0% in February. These figures are pointing to a slower economic growth in the U.S. in the first quarter.

The NY Fed Empire State manufacturing index declined to -1.19 in April from 6.90 in March, missing expectations for a rise to 7.0. It was the first negative reading since December 2014. The decline was driven by a drop in new orders.

The Fed could delay its interest rate as its decision will depend on the U.S. economic data. The recently released U.S. economic data was mostly weaker-than-expected.

June futures for gold on the COMEX today rose to 1197.30 dollars per ounce.

Oil prices traded higher as the International Energy Agency (IEA) reported the higher demand. The IEA said that oil demand would climb by 1.1 million barrels a day in 2015.

The IEA warned that its outlook is becoming "murkier" because of "constantly changing" conditions.

Oil prices were also supported by lower than expected U.S. crude oil inventories. The U.S. Energy Information Administration (EIA) said that U.S. crude oil inventories rose by 1.3 million barrels to 483.7 million barrels in the week ended April 10. Analysts had expected an increase by 3.6 million barrel a day.

The Russian Deputy Prime Minister Arkady Dvorkovich said on Wednesday that Russia has been holding consultations with the Organization of Petroleum Exporting Countries (OPEC) and Latin America countries.

WTI crude oil for May delivery rose to $55.22 a barrel on the New York Mercantile Exchange. Brent crude oil increased to $61.22 a barrel on ICE Futures Europe.