Thomson Reuters released its GFMS Gold Survey on Wednesday. It expect gold price to be below $1,100/oz in the fourth quarter 2015, lower than the previous estimate of $1,175/oz. Thomson Reuters said in its survey that the uncertainty over the Fed's interest rate hike weighs on gold.

An annual average gold price is expected to be $1,159/oz in 2015, lower than the previous estimate of $1,180/oz.

Gold output in the third quarter 2015 was estimated at 851 tonnes.

Physical gold demand in the third quarter 2015 climbed by 7% year-on-year.