As the minutes from the Federal Reserve's June meeting revealed that policymakers backed more rate increases, they presented a gloomy view for the metal markets, which caused gold prices to stabilize on Thursday after sliding in the previous session.

Spot gold added 0.1% to $1,917.58 per ounce, meanwhile gold futures plunged 0.2% to $1,924.15 per ounce. The two benchmarks dropped between 0.4% and 0.6% yesterday.

As the yellow metal battled to rebound from a three-month low reached in June, Wednesday's losses saw gold wipe away the majority of a recent comeback.

Investors have generally switched to the dollar as their preferred safe haven despite the economy's deterioration due to rising anticipation that the Fed would continue hiking interest rates in the near future.

The minutes from the Fed's meeting in June revealed that almost all of the board members favored continuing to raise interest rates this year, citing persistent inflation and unexpected strength in the labor market.