Investing.com - Gold prices inched lower on Thursday, as trading conditions remained thin with markets in the U.S. closed for the Thanksgiving Day holiday
On the Comex division of the New York Mercantile Exchange, gold futures for February delivery dipped $2.80, or 0.23%, to trade at $1,195.00 a troy ounce during U.S. morning hours.
A day earlier, Comex gold prices lost 30 cents, or 0.03%, to settle at $1,197.50 an ounce.
Futures were likely to find support at $1,177.00, the low from November 20, and resistance at $1,208.20, the high from November 21.
Trade volumes were expected to remain light on Thursday, with Comex floor trading scheduled to remain closed for Thanksgiving. An abbreviated session was slated for Friday.
Market players eyed an upcoming Swiss referendum on central bank gold reserves for more trading cues.
Swiss voters go to the polls on November 30 to decide whether the Swiss National Bank would have to hold at least 20% of its assets in the precious metal, up from 8% now.
The most-recent opinion poll released last week showed that support for the "Save our Swiss gold" proposal slipped to 38%, down from 44% in a survey conducted last month.
The motion, if passed, would likely boost gold prices from current levels.
Gold prices are likely to remain vulnerable in the near-term amid indications a strengthening U.S. economic recovery will force the Federal Reserve to start raising interest rates sooner and faster than previously thought.
Expectations of higher borrowing rates going forward is considered bearish for gold, as the precious metal struggles to compete with yield-bearing assets when rates are on the rise.
Also on the Comex, silver futures for March tumbled 27.4 cents, or 1.65%, to trade at $16.33 a troy ounce.
Elsewhere in metals trading, copper for March delivery shed 0.5 cents, or 0.18%, to trade at $2.951 a pound.
Comex copper prices fell to an eight-month low of $2.935 on Wednesday amid ongoing concerns over the health of the global economy.
Copper is sensitive to the economic growth outlook because of its widespread uses across industries.