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• Gold slipped to its lowest in over three weeks on Thursday as a stronger dollar and increasing prospects of a December rate hike by the Federal Reserve curbed appetite for the metal.

Spot gold was down 0.2 percent at $1,298.06 an ounce by 0634 GMT, after earlier touching its lowest since late August at $1,294.41.

U.S. gold futures for December delivery dropped nearly 1.2 percent to $1,301.20 an ounce.

• “The Federal Open Market Committee (FOMC) was surprisingly upbeat and (held) the line on rate hikes in 2017 and 2018 which has caught traders by surprise,” said Jeffrey Halley, a senior market analyst at OANDA.

“In the bigger picture, I still see the price action as corrective. It should base in this $1,280-$1,296 region. I see global uncertainty, diversification as continuing to underpin gold for now,” Halley said.

• Spot gold may break support at $1,299 per ounce and fall more towards the next support level at $1,281, said Reuters technicals analyst Wang Tao.

• In other precious metals, silver was down 0.5 percent at $17.04 an ounce, after falling to its lowest since Aug. 25 in the previous session.

Reference: Reuters