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Prices on Thursday were pressured by a stronger dollar, which weighs on gold by making the metal more expensive for holders of other currencies.
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Investors now see about even odds of that rates will increase by April next year, with the chance of liftoff this month plunging to four per cent from 10 per cent in just 24 hours, futures trading shows.
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The Bank of Canada will not shadow higher US interest rates since the economy is in technical recession and GDP growth will be barely one per cent in 2015.
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A decline in gold prices to a four-year low in July also spurred purchases. Prices have since recovered seven per cent, tempering imports.
Fed-fund futures show a 16 per cent chance of a 25 basis point increase next month, while the probability is 43 per cent by December.
Trading volume was languishing before this week's Fed meeting, and prices had dropped to near one-month lows.
The rupee is the only currency among emerging markets that has shown strength against the dollar during the past year.
During challenging times the demand for safe haven arises as we see gold prices which have start picking up recently after falling below $1,100/ounce.
