Gold drifts higher as dollar eases over Catalan relief

Daily December Comex Gold

But there is scant chance they will have a major impact, Pedersen said, since they probably will merely support expectations that the USA central bank will raise rates in December, for the third time this year. The metal was on track to post its first weekly gain in five weeks. United States gold futures for December delivery climbed 0.4 percent to $1,290 per ounce.

"The divide of the opinion among the Fed tells us that the path of the rate hike for 2018 will not be the same as this year", said Naeem Aslam, chief market analyst at ThinkMarkets.

The dollar slipped on Friday, on track for weekly losses as investors awaited the United States inflation data to gauge the likelihood that the Federal Reserve will stick to its plan to raise interest rates again this year.

But the greenback still languished near two-week lows against a basket of currencies, weighed down by the US Fed minutes which the market interpreted as dovish. However, data on Thursday showed U.S. producer prices rose in September, suggesting signs of underlying strength in both wholesale inflation and the labour market, potentially leaving the Fed on track to raise interest rates again in December. Wall Street is pricing in an 83% chance of a rate increase in December, compared with a almost 88% probability the day before, according to CME Group data.

Gold prices were little changed amid a steady dollar on Friday, halting a five-day rally as investors wait for key United States inflation data for clues on the outlook for potential hikes in U.S. interest rates.

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Bank of Japan Governor Haruhiko Kuroda on Thursday stressed the central bank's resolve to maintain its ultra-loose monetary policy, even as its USA and European counterparts begin to dial back their massive, crisis-mode monetary stimulus.

Elsewhere, silver for December delivery SIZ7, +0.74% added 3.2 cents, or 0.2%, to trade at $17.17 an ounce, and is on track to rise five of the past six sessions.

Spot gold may retrace to support at $1,281 per ounce before resuming its rally towards resistance at $1,299, said Reuters technical analyst Wang Tao.

Platinum was up 0.2 percent at $930.50 an ounce and palladium was trading 0.3-percent higher at $936.25 an ounce.

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