2018.11.0806:26:00UTC+00Gold Drifts Lower Ahead Of Fed Decision

Gold prices drifted lower on Thursday and the dollar traded in a tight range as the U.S. election uncertainty faded and investors turned their attention to a monetary policy announcement from the Federal Reserve, due later in the day.

No change in the Fed rate is expected, but traders will be looking for new clues as to whether there will be a December rate hike.

Spot gold fell 0.28 percent to $1,222.78 per ounce, while U.S. gold futures were down 0.20 percent at $1,223.70 per ounce.

Positive trade data from China is also pushing gold prices lower. A government report showed that China's exports and imports both increased more than expected in October.

Exports grew 15.6 percent annually, while economists had forecast an increase of 11.7 percent. Imports surged 21.4 percent compared to the forecast of 14.7 percent.

As a result, the trade surplus came in at $34 billion in the month versus the expected level of $35.1 billion.