(Bloomberg) -- Gold extended a rebound from the lowest level in six weeks after minutes from the Federal Reserve’s January meeting signaled many officials were inclined to keep interest rates near record lows for longer.

Bullion for immediate delivery added as much as 0.4% to $1,217.78 an ounce and was at $1,216.04 by 2:33 p.m. in Singapore, according to Bloomberg generic pricing. Prices fell to $1,197.72 on Wednesday, the lowest since Jan. 5, before closing 0.2% higher.

Fed officials, while considering risks to the outlook to be “nearly balanced,” pointed to a strengthening dollar, flash points from Greece to Ukraine and slow wage growth as weakening the case for the first rate rise since 2006, a record of their Jan. 27-28 gathering shows. They were also concerned that removing their vow to be “patient” on rates would lock them into a timetable for tightening, the minutes showed.

“The Fed is leaning towards delaying an interest rate rise for longer as they await further evidence of continued growth and signs of inflation picking up,” Australia & New Zealand Banking Group analysts wrote in a note today.

Higher borrowing costs cut the allure of gold because it generally offers returns only through price gains. Investors may now look to congressional testimony next week by Fed Chair Janet Yellen for further clues to the timing of a rate increase.

Gold for April delivery climbed 1.3% to $1,215.60 an ounce on the Comex in New York. Futures closed on Wednesday before the minutes were released.

Silver for immediate delivery jumped 0.8% to $16.6385 an ounce after dropping to $16.27 on Wednesday, the lowest since Jan. 9. Spot platinum increased 0.6% to $1,181.63 an ounce, while palladium rose 0.1% to $778.75 an ounce.

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