Gold slips from near 2-week high

Gold prices edged lower on Thursday, easing from a near two-week high hit in the previous session, while investors assessed the likelihood of a US interest rate cut in December, reports Reuters.

Spot gold was down 0.2 per cent at $4,156.89 per ounce, as of 1216 GMT. US gold futures for December delivery slipped 0.2 per cent to $4,154.40 per ounce.

"We still expect the consolidation that started with the October setback to continue as the dust of that setback has not fully settled yet," said Julius Baer analyst Carsten Menke. Bullion has fallen 5 per cent since hitting a record high of $4,381.21 on October 20, but has broadly traded above the key 4,000 an ounce level. "The factors we see in favour of the gold market are largely unchanged, including slowing US growth leading to lower interest rates and a weaker US dollar, sustained safe-haven demand and continued strong central bank buying," Menke added.