Gold prices stand still in Asia on profit taking

On Wednesday, gold prices stood still in Asia as market participants took profits after a growth spurred by diminished expectations for a Fed rate lift this month.

December delivery gold futures traded between tiny gains and losses around $1,353.75 per troy ounce in New York.

Overnight, gold prices extended their revenues from Europe's trading session in North American trade on Tuesday, hitting a more than one-week peak amid reduced hopes that the Federal Reserve will increase interest rates at its policy gathering later this month.

According to Fed Rate Monitor Tool, traders are pricing in an 18% probability of a rate lift at the Fed's September 20-21 gathering in wake of the previous week's downbeat American employment data.

Market participants getting back from the long Labor Day weekend looked ahead to fresh economic news for more hints on the timing of an American rate hike.

The US Institute of Supply Management issued data on August service sector activity, which came in at 51.4, quite below the 55.0 expected.

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