Gold slips as traders await Fed rate signals

Gold slipped 0.6% to US$4,115.50 per ounce in early Asian trade on Thursday as investors awaited next week's US Federal Reserve policy meeting for signals on interest rate direction. Spot gold hit its lowest since Oct 15 at US$4,104.33 on Wednesday, while December futures dropped 0.4% to US$4,132.30. Traders see only a 16% chance of a hike next week but a 90% likelihood in December, according to CME's FedWatch Tool. Higher rates typically weigh on gold by increasing the opportunity cost of holding bullion. Other metals also fell, with silver down 1.1% to US$57.33, platinum sliding 1.1% to US$1,609.95, and palladium dropping 0.8% to US$1,078.52.