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Gold price increased on a weaker U.S. dollar. The U.S. dollar declined on the latest Fed's minutes. The minutes added to the speculation that the Fed may not raise its interest rates this year. FOMC members noted that the U.S. labour market continued to improve, while the inflation remained at low levels.

"After assessing the outlook for economic activity, the labour market, and inflation and weighing the uncertainties associated with the outlook, all but one member concluded that, although the U.S. economy had strengthened and labour underutilization had diminished, economic conditions did not warrant an increase in the target range for the federal funds rate at this meeting," the minutes said.

But Atlanta Fed President Dennis Lockhart reiterated on Friday that the interest rate hike by the Fed this year is still possible.

"I see a lift-off decision later this year at the October or December FOMC meetings as likely appropriate," he said.

Market participants eyed the U.S. import price index. According to the U.S. Labor Department's data on Friday, the U.S. import price index fell by 0.1% in September, beating expectations for a 0.5% decrease, after a 1.6% decline in August. August's figure was revised down from a 1.8% drop.

The decline was mainly driven by lower prices on foods, capital goods and nonfuel industrial supplies.

A stronger U.S. currency lowers the price of imported goods.

December futures for gold on the COMEX today rose to 1157.00 dollars per ounce.

The Fed released its September monetary policy meeting minutes on Wednesday. The Fed said that it wanted to have more time to see if the slowdown in the global economy will have a negative effect on the U.S. economy.

"The Committee decided that it was prudent to wait for additional information confirming that the economic outlook had not deteriorated and bolstering members' confidence that inflation would gradually move up toward 2 percent over the medium term," the minutes said.

Most Federal Open Market Committee (FOMC) members expect the Fed to start raising its interest rate this year.

FOMC members noted that the U.S. labour market continued to improve, while the inflation remained at low levels.

"After assessing the outlook for economic activity, the labour market, and inflation and weighing the uncertainties associated with the outlook, all but one member concluded that, although the U.S. economy had strengthened and labour underutilization had diminished, economic conditions did not warrant an increase in the target range for the federal funds rate at this meeting," the minutes said.

FOMC members voted 9-1in September to keep interest rates unchanged. Only Richmond Fed President Jeffrey Lacker voted to raise interest rate by 0.25%.

West Texas Intermediate futures for November delivery rose to $50.26 (+1.68%), while Brent crude advanced to $53.76 (+1.34%) amid concerns that escalating tensions in Syria could harm oil supply from the region.

Syria is not a crude producing country and global supply remains ample, however market participants are concerned about longer term impact on supplies from the Middle East.

Rumors of possible cooperation between various oil producing countries have also supported prices. Investors will be looking for any signs that any producer is ready to start cutting output to support prices.

Gold climbed to $1,147.80 (+0.31%) as minutes of the latest Fed meeting showed that policymakers are hesitating to raise rates. Market participants generally expected the minutes to be dovish. Policymakers were mostly concerned about inflation. A delay in rate hikes could support non-interest-paying bullion, although uncertainty could weigh on prices in the near-term future.