Gold settled modestly lower on Wednesday as recent strong U.S. data fueled talk that the Federal Reserve could soon raise interest rates, depressing gold.
Reports released on Wednesday, however, showed domestic personal spending grew slightly less than forecast in October, while U.S. jobless claims rose to their highest since September and new orders for U.S.-made capital goods fell for a second month in October.
U.S. gold futures for February delivery ended the session 30 cents lower at $1,197.50 an ounce. Spot gold was last down 0.3 percent at $1,197 an ounce. Spot prices had slipped as low as $1,194.71 before the economic data.