Gold prices slip --

Gold prices slipped on Thursday as the US Federal Reserve's aggressive monetary policy tightening plan diminished the metal's appeal, with additional pressure from a rebound in equities, reports Reuters.

Spot gold slipped 0.3% to $1,848.06 per ounce by 10:04 am EDT (1404 GMT). US gold futures were little changed at $1,846.50.

Minutes of the Fed's May 3-4 policy meeting released on Wednesday highlighted most participants favouring additional 50 basis point rate hikes at the June and July meetings, although it was no surprise to the market.

"The minutes didn't change anything. The market has started to realise the Fed will continue to take robust measures to control inflation," said Bart Melek, head of commodity strategies at TD Securities.

"The tightening story is not over by any stretch of the imagination, and it's probably a very safe bet to say that the interest rate environment will continue to get more restrictive."