Ammon News - Gold prices inched lower on Thursday, as market participants took profits after a recent rally and held back from placing massive bets ahead of U.S. economic data that could clarify the Federal Reserve's interest rate outlook.

Spot gold was down 0.2% at $3,389.73 per ounce, as of 0538 GMT. Earlier in the session, bullion touched its highest point since August 11.

U.S. gold futures for December delivery eased 0.1% to $3,445.20.

Markets are anticipating an over 88% chance of a 25-basis-point rate cut at the Fed's policy meeting next month, according to CME FedWatch Tool.

Elsewhere, spot silver was up 0.3% at $38.71 per ounce, platinum was down 0.2% at $1,344.60 and palladium edged 0.1% higher to $1,093.01.

Reuters