Gold edged lower on Thursday as the dollar traded within reach of an almost 14-year high hit on positive U.S. economic data, which increased expectations the Federal Reserve will increase interest rates in December. Fed policymakers appeared confident on the eve of the U.S. presidential election that the economy was strengthening enough to warrant rate increases soon, minutes from the central bank's Nov. 1-2 meeting showed. Gold closed at $1,181.67 an ounce after touching its lowest since Feb. 8 at $1,180.99 overnight. With U.S. markets closed for the Thanksgiving holiday, trading volumes were thin.
On technical front, gold extended gains and was drawing near around $1,180. The MACD index pointed to bearish pattern, suggesting mounting downside pressure in near term with support at $1,173. The yellow metal is expected to remain weak ahead of the Federal Reserve’s policy meeting in December.
Spot silver fell 0.6 percent to $16.25 an ounce after falling to its lowest since June in the previous session. Precious metals, as a whole, was dampened by a weak gold and a strong dollar at an almost 14-year high lifted by October durable goods orders. On chart, the MACD index still showed strong downward momentum with support at the key mark of $16. 

 
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