Gold prices hold as Investors await Fed Minutes

Gold held its own on Wednesday after Dollar recoupled early losses.

Spot gold was unchanged at $1,287.70 an ounce by 0409 GMT. It touched its highest level since Sept. 27 in the previous session.

U.S. gold futures for December delivery eased 0.3 percent to $1,290 per ounce.

Gold prices were dormant as investors await the Fed Minutes of the last FOMC meeting. Investors expect the prices to stay within $1280 – 1300 range for some time.

Asian shares raised on Wednesday, following on the Wall Street rally which continues to trade at all-time highs.

Markets are bullish that the U.S. Central Bank will raise rates in December, third time during the year. Gold markets are highly sensitive to the rising rates, as these increase the opportunity cost of holding non yielding bullion.

In other precious metals, silver rose 0.2 percent to $17.11 an ounce, having hit a three-week high in the previous session.

Platinum was up 0.2 percent at $931.10 an ounce and palladium was trading 0.3 percent higher at $935.85 an ounce.