Gold slips as oil prices advance, Fed rate-hike voices grow
GLD•Other precious metals
Elsewhere, spot silver XAG= gained 1.9% to $56.95 per ounce, platinum XPT= was up 0.5% at $1,599.97 and palladium XPD= eased 0.2% to $1,244.50.
(Reporting by Pablo Sinha and Swati Verma in Bengaluru; Editing by Sherry Jacob-Phillips)
Fed comments and rate expectations
Cleveland Fed President Beth Hammack added her voice to a growing chorus of policymakers arguing interest rates may need to rise to beat back persistent inflation, setting up a charged debate at the Fed's next meeting and the possibility of dissents at Chairman Kevin Warsh's second meeting at the helm.
Traders are now pricing a 82% chance of a December interest rate-hike, versus 73% last week, according to the CME FedWatch Tool. FEDWATCH/
"On the longer term, I'm more cautious on gold and looking at the key $3,886 level, which if taken out on the downside, could potentially unleash further weakness towards $3,500," Wong added.
