24.11.201708:29:00UTC+00Gold Trims Gains Ahead Of PMI

Gold futures were lower Friday morning ahead of Friday's abbreviated session on Wall Street.

Gold was down $4 at $1292 an ounce, trimming this week's gains. Stocks were set to open higher, limiting gold's safe haven value.

The Markit Economics Purchasing Managers Index or PMI for November will be issued at 9.45 am ET. The economists are looking for a reading of 55.4, compared to 55.7 in the prior month.

The Federal Reserve on Wednesday hinted that a rate hike is "likely" despite mounting concerns about low inflation.

Low inflation might also be a result of "developments that could prove more persistent," according to the minutes of the Fed's most recent meeting on Oct 31-Nov 1.