Gold slips from two-week peak as oil advances; Fed meeting in focus
GLD•Fed and other precious metals in focus
The Fed meets next week, when the central bank is widely expected to keep interest rates unchanged, although futures markets are broadly positioned for at least one rate hike by year-end.
Traders are currently pricing a 77% chance of a rate hike in September, according to the CME FedWatch Tool.
High interest rates tend to diminish the appeal of non-yielding bullion.
The European Central Bank is all but certain to keep interest rates unchanged on Thursday but will hold the door wide open to another rate hike in September.
Spot silver XAG= was down 0.1% at $59.66 per ounce, while platinum XPT= gained 0.5% to $1,652.53 and palladium XPD= rose 0.5% to $1,297.61.
Gold eases after reaching two-week high
Gold ticked lower on Thursday, slipping from two-week highs hit in the previous session, as an escalating Middle East conflict drove oil prices higher, while traders shifted focus to next week's Federal Reserve meeting for clues on the timing of potential interest rate hikes.
Spot gold XAU= inched 0.2% lower at $4,122.49 per ounce as of 0515 GMT, having climbed to $4,165.87 in the last session, its highest since July 7. U.S. gold futures for August delivery fell 0.6% to .
