Investing.com - Gold prices edged lower on Friday, but still remained supported as lower expectations for an early rate hike by the Federal Reserve continued to weigh on demand for the dollar.
On the Comex division of the New York Mercantile Exchange, gold for December delivery traded at $1,222.80 a troy ounce during European early morning hours, down 0.20%.
The December contract settled 1.60% higher on Thursday to end at $1,225.3 a troy ounce.
Futures were likely to find support at $1,205.10, Wednesday's low and resistance at $1,234.00, Thursday's high.
Gold prices rallied to a more than two-week high on Thursday, a day after the minutes of the Fed's September 16-17 policy meeting showed that a number of officials believe the bank's current language painted the wrong picture on the timing of rate hikes and that an interest rate rise should be tied to U.S. economic progress.
The minutes also showed that the U.S. central bank cut its growth outlook due to the higher dollar and concerns over global weakness.
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.
Safe haven demand also remained supported after the International Monetary Fund cut its global economic growth forecasts for the third time this year on Tuesday and warned that the recovery remains weak and uneven.
Elsewhere in metals trading, Comex, silver for December delivery declined 0.66% to $17.298 a troy ounce, while December copper retreated 0.86% to trade at $3.004 a pound.