Gold Prices Ease On Dollar Uptick As Fed Policy Verdict Looms
NDTV
Spot gold dipped 0.1 per cent to $1,791.23 per ounce by 0406 GMT. U.S. gold futures GCv1 dropped 0.2 per cent to $1,791.80.
Gold prices eased on Tuesday, hurt by an uptick in the dollar as investors await a policy meeting of the U.S. central bank for clues to how it will fight growing inflationary pressures and worries over weaker economic growth.
Spot gold dipped 0.1 per cent to $1,791.23 per ounce by 0406 GMT. U.S. gold futures GCv1 dropped 0.2 per cent to $1,791.80.
The dollar index edged up 0.1 per cent after declining 0.3 per cent on Monday, making gold less appealing to buyers holding other currencies.
Stephen Innes, managing partner at SPI Asset Management, expects gold to remain pressured in an environment of central bank tightening, with the Fed most likely to announce the start of stimulus tapering in Wednesday's meeting.
