Gold was little changed on Thursday, pressured by a persistently strong dollar as the market awaits more signs about the timing of an expected U.S. interest rate rise from the Federal Reserve. Bets that the Fed will raise rates have driven the dollar to nine-month highs against a basket of currencies this week and limited gains in gold. The dollar index was about 0.3 percent higher on Thursday. Spot gold was up last at $1,268.40 an ounce, trading in a tight range. Physical demand from Asia continues to underpin the market at present, preventing a selloff ahead of an expected Fed interest rate increase in December. Gold’s losses were as a result limited despite of a continuing stronger dollar. SPDR Gold Trust, the world's largest gold-backed ETF, said its holdings fell 1.49 percent to 942.59 tonnes on Wednesday.
On chart, gold traded below the 200-day moving average of $1,272.13, with resistance at around $1,276 in near term. We believe the yellow metal would sustain rangebound in near term, but maintain our bullish view on its long-term outlook. Investors may closely watch the movement around this level. A breakthrough may break the rangebound pattern, and trigger an upturn trend. The level of $1,250 may continue to provide a floor.
Silver was up 0.1 percent at $17.60 an ounce, keeping trading within range. On chart, the MACD index indicates that silver retains its steam, and is expected to move up along the 200-day moving average. The white metal would find support and resistance at $17.39 and $18.15 respectively.

 
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