Gold prices were slightly up in midday U.S. trading Wednesday but ended the day slightly down. A lower U.S. stock market at mid-week provided a bit of support for the safe-haven metals today, as did some “Fed speak” overnight. June gold futures were last up $1.10 an ounce at $1,274.40. July Comex silver prices were last up $0.035 at $14.445 an ounce. Minutes for the last Federal Open Market Committee (FOMC) meeting held in April were released. Past FOMC minutes releases have moved markets to varying degrees. Today’s minutes from last month’s meeting said that “In light of global economic and financial developments as well as muted inflation pressures, participants generally agreed that a patient approach to determining future adjustments to the target range for the federal funds rate remained appropriate.” St. Louis Federal Reserve Bank President James Bullard said in a speech in Hong Kong late Wednesday that the U.S. central bank may need to lower interest rates if inflation levels continue at very low levels. The Federal Reserve would like to see annual U.S. inflation around the 2% level. Bullard is a voting member of the Federal Open Market Committee (FOMC). This news is also friendly for the precious metals markets, which in recent years have seen their prices react positively to a more accommodative U.S. monetary policy. In another sign of worldwide inflation that is very low, or even problematic, Germany’s government auctioned 10-year bonds (bunds) for an average yield of -0.07%. That’s the lowest yield in almost three years.