2017.11.2201:34:00UTC+00Gold Prices Flat Ahead of Fed Meeting Minutes

Gold prices continues to hold still in a narrow range on Wednesday as investors remained cautious ahead of the publication of the minutes from the U.S. Federal Reserve's latest meeting, which might provide clues on the outlook for the central bank's monetary policy.

Spot gold was flat at $1,280.20 an ounce.

U.S. gold futures for December delivery fell 0.1 percent at $1,280.10.

The Fed is "reasonably close" to its goals and should keep gradually hiking U.S. interest rates in order to avoid the dual pitfalls of allowing inflation drift below target for too long, and of driving unemployment down too far, Fed Chair Janet Yellen said on Tuesday.

BMI Research in a note cut its gold price forecast slightly to $1,300 per ounce in 2018 and $1,325 in 2019, citing "our view that the U.S. Fed will hike rates by more than is

reflected in the market," adding inflation and political risks next year would support gold prices.

Spot gold looks neutral in a narrow range of $1,274-$1,283 per ounce, and an escape could suggest a direction, according to Reuters technical analyst Wang Tao.

Among other precious metals, silver fell 0.1 percent to $16.93 per ounce, platinum dropped 0.2 percent to $930.85 per ounce while palladium added 0.1 percent to $999.55 per ounce.