Gold prices dip in American trade

Gold futures lost ground to the lowest since October 9, as the dollar index hit the highest in a week, following an array of data from the US, the world's largest economy. 

As of 02:54 GMT, gold futures due on December 16 shed 0.15% to $1,284.30 an ounce from the opening of $1,286.80, while the dollar index rose 0.05% to 93.53 from the opening of 93.48, marking the highest since October 9. 

Earlier from the US, Federal Reserve Bank of New York President William Dudley participated in a panel discussion titled "Dallas and New York as Centers of Growth" at an event jointly hosted by the Federal Reserve Bank of Dallas and the Federal Reserve Bank of New York, in New York.

Dudley said the Fed is on its say for a third rate hike this year, noting the question now is the limit at which the increases will park, and adding that the recent softening in inflation came as a surprise, while expressing hope in the increased number of job applicants to prop up the economy. 

Dudley said a less complicated system is a good starting point to achieve higher productivity, while describing the inflation softening as mysterious despite the increases in profit margins, while asserting the economy is still enjoying a strong labor market, and the dollar's value has a neutral impact on inflation outlook. 

Earlier US data showed housing starts and building permits fell more than expected in September, as markets look forward to the Beige Book later today, which derives its importance from being released two weeks before the Federal Open Market Committee, and lays the background for policymakers' decisions and directions in order to stimulate the economy.