Gold down on expectation of Swiss voters to reject more gold buying

Gold futures on the COMEX division of the New York Mercantile Exchange fell Wednesday on a poll showing Swiss voters will say no to the plan about the nation's central bank to buy more bullions.

The most active gold contract for December delivery lost 3.2 U.S. dollars, or 0.27 percent, to settle at 1,193.9 dollars per ounce.

Analysts said that gold futures witnessed a big loss after a poll showed Swiss voters will reject an initiative which would require Swiss central bank to hold at least 20 percent of assets in bullions.

The minutes of the Fed's monetary policy meeting held in October, which was released Wednesday, showed there was a debate on the pace of interest rate hikes after halting monthly bond purchases. But the Fed reiterated that rates would stay near zero for a "considerable time" after the bond purchase program ended.

Analysts said that there were not so much new contents in the minutes, which comfort the market, making the gold price pare some losses after the minutes were released.

Crude prices also dropped Wednesday as crude inventories of the United States increased last week.

Silver for December delivery gained 12 cents, or 0.74 percent, to close at 16.294 dollars per ounce. Platinum for January delivery lost 5.3 dollars, or 0.44 percent, to close at 1,199.3 dollars per ounce.