16.11.201702:12:00UTC+00Gold Prices Flat as Dollar Climbs Amid Fed Rate Hike Expectations

Gold prices were flat on Thursday after strong U.S. economic data supported the prospects of gradual interest rate hikes in December and in 2018 by the Federal Reserve.

Spot gold was flat at $1,278.55 an ounce. The precious metal hit a session peak of $1,289.09 the previous day, before trimming gains and finishing the session around 0.2 percent lower due to a firmer dollar.

U.S. gold futures for December delivery rose 0.1 percent to $1,277.80.

Spot gold remains neutral in a range of $1,270-$1,286 per ounce, and an escape could indicate a direction, according to Reuters technical analyst Wang Tao.

The dollar index, which tracks the greenback against a basket of six major peers, climbed 0.1 percent.

In other precious metals, palladium was flat at $984.22 an ounce. On Wednesday, it hit a trough of $973.40, a low since Oct. 31, and dropped for the fifth consecutive session.

Silver was flat at $16.99 per ounce and platinum slid 0.1 percent at $930.