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Gold dips, though still supported close to 2-week peaks

On Thursday, gold dropped, while remaining supported close to two-week peaks as speculation over the future path of American monetary policy continued.

In New York, December delivery gold futures reached $1,269.75 per troy ounce, off peaks of $1,274.05.

On Wednesday, the number one precious metal settled up 0.6%, being worth $1,269.90, the highest value since October 3.

The precious metal was spurred right after subdued American inflation numbers for September dampened hopes that the major US bank could increase interest rates at its December gathering.

However, expectations for a December rate lift are still high. Financial markets are currently pricing in approximately a 64% probability of a December rate lift.

On Wednesday, New York Fed President William Dudley told that the US major bank will probably increase interest rates later this year if the US economy remains on its current trajectory.

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