<p>Gold prices on Thursday consolidated near the previous session's two-week peak, underpinned by bets that the US Federal Reserve may slow future rate hikes, while caution ahead of economic data and a steady dollar kept a leash on any gains.</p>.<p>Spot gold was little changed at $1,663.30 per ounce, as of 0811 GMT, while US gold futures fell 0.2 per cent to $1,666.20.</p>.<p>The dollar index ticked up 0.1 per cent, but was still close Wednesday's September 20 low. Gold competes with the dollar as a safe store of value, and a dip in the currency makes bullion a more attractive bet for investors.</p>.<p>With rising fears of a recession, investors increasingly expect the Fed to slow rate hikes and this is providing support to gold, said Harshal Barot, a senior research consultant for South Asia at Metals Focus.</p>.<p>"For gold, $1,680-$1,700 is the range that should hold on the upside; only once that breaks can we see sustainable uptrends emerging."</p>.<p>While a fourth straight 75 basis-point rate hike at the Fed's November meeting is widely priced in, there are hopes it may opt for a smaller increase in December.</p>.<p>US rate hikes increase the opportunity cost of holding zero-yielding bullion.</p>.<p>Overnight, the Bank of Canada announced a smaller-than-expected rate hike and investors will now keep a close eye on the European Central Bank's policy decision due later in the day, followed by advance GDP estimates by the US Commerce Department.</p>.<p>If Friday's US personal consumption expenditures number is not wildly hotter than anticipated, gold could test $1,700 and then if the Fed stays "neutral", it could attempt to poke even above that, DailyFX currency strategist Ilya Spivak said.</p>.<p>Spot silver fell 1.2 per cent to $19.39 per ounce and platinum eased 0.1 per cent to $950.75. Palladium climbed 1.2 per cent to $1,987.00.</p>
<p>Gold prices on Thursday consolidated near the previous session's two-week peak, underpinned by bets that the US Federal Reserve may slow future rate hikes, while caution ahead of economic data and a steady dollar kept a leash on any gains.</p>.<p>Spot gold was little changed at $1,663.30 per ounce, as of 0811 GMT, while US gold futures fell 0.2 per cent to $1,666.20.</p>.<p>The dollar index ticked up 0.1 per cent, but was still close Wednesday's September 20 low. Gold competes with the dollar as a safe store of value, and a dip in the currency makes bullion a more attractive bet for investors.</p>.<p>With rising fears of a recession, investors increasingly expect the Fed to slow rate hikes and this is providing support to gold, said Harshal Barot, a senior research consultant for South Asia at Metals Focus.</p>.<p>"For gold, $1,680-$1,700 is the range that should hold on the upside; only once that breaks can we see sustainable uptrends emerging."</p>.<p>While a fourth straight 75 basis-point rate hike at the Fed's November meeting is widely priced in, there are hopes it may opt for a smaller increase in December.</p>.<p>US rate hikes increase the opportunity cost of holding zero-yielding bullion.</p>.<p>Overnight, the Bank of Canada announced a smaller-than-expected rate hike and investors will now keep a close eye on the European Central Bank's policy decision due later in the day, followed by advance GDP estimates by the US Commerce Department.</p>.<p>If Friday's US personal consumption expenditures number is not wildly hotter than anticipated, gold could test $1,700 and then if the Fed stays "neutral", it could attempt to poke even above that, DailyFX currency strategist Ilya Spivak said.</p>.<p>Spot silver fell 1.2 per cent to $19.39 per ounce and platinum eased 0.1 per cent to $950.75. Palladium climbed 1.2 per cent to $1,987.00.</p>