Gold prices held near their lowest level in almost two months in North American trade on Wednesday, as investors looked to Federal Reserve meeting minutes due later in the day for fresh clues on the likelihood of another U.S. interest rate hike this year.

Comex gold futures were at $1,220.34 a troy ounce by 8:10AM ET (1210GMT), up $1.40, or around 0.1%, not far from its lowest since May 11 at $1,218.00 touched at the start of the week.

The Fed will release minutes of its most recent policy meeting at 2:00PM ET (1800GMT), as investors search for more clues on how committed the central bank is to hiking rates again this year. They are also looking for any detail on plans to wind back the Fed's massive balance sheet.

The markets have doubted the Fed will hike rates for a third time this year, giving just about 50% odds for another rate rise by December, according to Investing.com’s Fed Rate Monitor Tool.

The yellow metal was higher overnight as simmering tensions on the Korean peninsula supported demand for safe-haven assets.

The U.S. confirmed that a rocket launched by North Korea on Tuesday was an intercontinental ballistic missile. Secretary of State Rex Tillerson called it a “new escalation of the threat” to the U.S. and its allies.

An emergency United Nations Security Council meeting on Wednesday will try to formulate a response to North Korea’s latest provocation

Meanwhile, investors will be eyeing developments in the Middle East, where Saudi Arabia, the United Arab Emirates, Egypt and Bahrain will meet to decide whether to continue sanctions they imposed on Qatar on accusations it was aiding terrorism and courting regional rival Iran.