Investing.com - Investing.com - Gold prices inched up in cautious trading on Wednesday as investors snapped up nicely-priced positions in the commodity, though expectations that the Federal Reserve remains on track to hike interest rates sooner next year than once anticipated capped the precious metal's gains.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at 1,248.70 a troy ounce during U.S. trading, up 0.02%, up from a session low of $1,244.60 and off a high of $1,258.50.
The December contract settled down 0.46% at $1,248.50 on Tuesday.
Futures were likely to find support at $1,241.20 a troy ounce, the low from June 5, and resistance at $1,279.20, last Thursday's high.
Gold has fallen in recent sessions due to growing expectations for the Federal Reserve to wind down its bond-buying program in October and hike interest rates in 2015, likely sooner than later.
Loose monetary policies support gold, while talk of tightening sends the yellow metal falling, though bargain hunters on Wednesday brought the commodity off earlier lows and poking up into positive territory at times.
Gains were limited, however, as expectations for changing U.S. monetary policy within a year supported the dollar, which trades inversely with gold.
The dollar firmed on expectations that U.S. retail sales and consumer-sentiment reports will come in solid this Friday, while the Federal Reserve will conclude a two-day policy meeting next week winding down asset purchases and moving closer to hiking benchmark interest rates.
A Federal Reserve Bank of San Francisco report published on Monday suggested rate hikes may come sooner than markets may be expecting.
The Fed is widely seen cutting its monthly bond-buying program by $10 billion to $15 billion at its Sept. 16-17 meeting before possibly closing it in October.
Many market participants are hoping the U.S. central bank's statement on monetary policy next week will hint at when rates may rise.
Despite disappointments here and there, U.S. economic indicators collectively point to a recovery that is gaining steam.
Meanwhile, silver for December delivery was up 0.33% at $18.983 a troy ounce, while copper futures for December delivery were up 0.31% at $3.112 a pound.
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