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Gold prices extended gains on Wednesday to touch their highest levels since mid-June, helped by a pull-back in the dollar and yields as markets awaited the release of Federal Reserve minutes for guidance on upcoming interest rate hikes.

Spot gold was up 1% to $1,858.06 per ounce by 11:18 a.m.. EST (1618 GMT), having risen as much as 1.4% earlier to its highest price since June 13. U.S. gold futures also gained 1% to $1,864.70 per ounce.

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“We were looking at a possibility that inflation has likely peaked and if we see economic numbers confirm that … it will very likely continue the upside in gold and it could move up closer to $1,865,” said Bart Melek, head of commodity markets strategy at TD Securities.

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Weakening demand amid higher borrowing costs pushed a measure of prices paid by factories for inputs to the lowest level in more than 2-1/2 years, signaling that goods disinflation was underway.

The market now awaits the 2 p.m. EST release of the minutes from the Fed’s Dec. 13-14 policy meeting. The U.S. central bank raised rates at that meeting by 50 basis points after four consecutive 75-basis-point hikes.

Melek added that the Fed minutes would explore the relationship between inflation and jobs data.

U.S. job openings fell moderately in November, data showed.

“Potentially slowing economic growth in the major industrialized countries along with problematic price inflation in 2023 are keeping traders pensive and prompting safe-haven demand for the precious metals,” Jim Wyckoff, senior analyst at Kitco Metals, said in a note.

The dollar index, meanwhile, was down 0.2%, making gold less expensive for overseas investors, while benchmark 10-year yields also eased for the day.

Higher rates tend to weigh on non-yielding gold.

Silver rose 0.3% to $24.05 per ounce, platinum was up 0.1% to $1,084.63 while palladium gained 4.6% to $1,789.00. (Reporting by Seher Dareen in Bengaluru; Editing by Paul Simao)