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Gold edged up slightly on Wednesday, recovering from the previous session's losses, as the dollar slipped on expectations that the U.S. Federal Reserve was unlikely to raise interest rates next week.

"There was some very volatile, algorithm driven price action today in the gold market, with the metal carving out an $8 range on moderate-to-good volume," Alex Thorndike, senior precious metals dealer with MKS PAMP Group said.

"Most expect Fed president Janet Yellen to give some warm-up for December hiking in next week's meeting," said Jiang Shu, chief analyst at Shandong Gold Group. "We are slightly bearish on gold prices before the Fed meeting. Prices will touch $1,300 or below that shortly."

Gold would do well under a Trump presidency because the metal likes confusion, said market commentator Dennis Gartman.

“[G]old likes political descent and would do rather well in a Trump administration,” Gartman told CNBC's "Fast Money" on Monday. He explained that Trump is a bit more hawkish and more likely to make a protocol mistake and this would be price supportive for gold.

On the other hand, "[A] Trump presidency would be enormously bearish for stocks," Gartman said. "He's a wild card and the market hates wild cards."