Gold prices edged up on Thursday as the dollar eased slightly, but comments from U.S. Federal Reserve policymakers suggesting the central bank could accelerate stimulus tapering weighed on the metal and kept it well below the key $1,800 mark.

Spot gold rose 0.2% to $1,792.05 per ounce by 0137 GMT, after slipping to its lowest since Nov. 4 on Wednesday. U.S. gold futures added 0.4% to $1,791.70.

The dollar index edged 0.1% lower off its highest in 16 months hit on Wednesday, reducing the metal’s cost to buyers holding other currencies.

A growing number of Fed policymakers indicated they would be open to speeding up the elimination of their bond-buying program if high inflation held and move more quickly to raise interest rates, minutes of the U.S. central bank’s last policy meeting showed..

An increase in interest rates should reduce bullion’s appeal as higher rates raise the non-interest bearing metal’s opportunity cost.

The number of Americans filing new claims for unemployment benefits fell to their lowest level since 1969 last week, suggesting economic activity was accelerating.

A separate report from the U.S. Commerce Department on Wednesday showed gross domestic product rose at a 2.1% rate in the third quarter

Price pressures heated up in October, with the U.S. personal consumption expenditures (PCE) price index, excluding the volatile food and energy components, increasing 0.4%,

The European Central Bank must keep borrowing costs in check as the coronavirus pandemic drags on and there is no sign that inflation is getting out of control, ECB board member Fabio Panetta said on Wednesday.

Spot silver rose 0.5% to $23.64 per ounce. Platinum gained 1.2% to $986.27 and palladium was up 0.7% at$1,864.29.