Gold slips as firm dollar weighs; focus turns to Fed meeting
GLD•Other precious metals
Spot silver XAG= fell 1.9% to $57.30 per ounce, platinum XPT= lost 1% to $1,605.14 and palladium XPD= slid 1.6% to $1,271.09.
Gold falls as dollar stays firm
Gold prices fell on Tuesday, pressured by a stronger dollar, while markets looked to the Federal Reserve's upcoming policy decision for clues on the interest rate outlook.
Spot gold XAU= fell 0.7% to $4,044.81 per ounce by 0250 GMT after rising as much as 1% on Monday. U.S. gold futures GCcv1 for August delivery lost 0.8% to $4,045.40.
The dollar held near a one-month high, making greenback-priced bullion more expensive for holders of other currencies.
Fed meeting and geopolitics in focus
"We're oscillating in this narrow range between $3,950 and $4,200, and I think the market is just waiting for Fed signals," said Ilya Spivak, head of global macro at finance content network Tastylive.
The U.S. Federal Reserve will conclude its two-day policy meeting on Wednesday. Expectations that the Fed will hold interest rates steady stand at 62%, while 38% of market participants expect at least a 25-basis-point rate hike, according to CME FedWatch — that is up from 16% a week earlier.
