Investing.com - Gold prices were barely changed in Asia on Thursday with sentiment mixed as investors await further clarity the U.S. presidential election and a widely expected rate hike by the Fed in December.
Gold for December delivery on the Comex division of the New York Mercantile Exchange rose slightly to $1,266.80 a troy ounce. Comex, silver futures for December delivery edged down 0.02% to $17.623 a troy ounce, while copper futures dwere flat at $2.141 a pound.
Overnight, gold prices traded at a three-week high during North America's session on Wednesday, as the U.S. dollar pulled back from nine-month peaks hit overnight, boosting the appeal of the precious metal.
Despite recent gains, the outlook for gold remains cloudy as a recent string of positive U.S. economic data combined with hawkish remarks from key Fed officials heightened expectations for an interest rate hike before the end of the year.
The U.S. central bank's next meeting is in November, but a rate hike ahead of the presidential election is seen as unlikely. Instead, traders are currently pricing in around a 78.3% chance of a rate hike at the Fed's December meeting, according to Investing.com's Fed Rate Monitor Tool.
The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion, while boosting the dollar in which it is priced.