Gold settles higher, edges lower in electronic trade after Fed Beige Book

Gold prices settled higher on Wednesday on the back of declines in the U.S. dollar, then edged down in electronic trading shortly after the release of the U.S. Federal Reserve's Beige Book. The snapshot of domestic economic activity showed moderate expansion from April to early May, hinting that the central bank is on track to raise interest rates next month. Gold for August delivery was at $1,305.60 an ounce in electronic trading. Prices had climbed $2.40, or 0.2%, to settle at $1,306.50 an ounce.