Gold down ahead of Fed policy decision
Gold dropped on Tuesday morning in Asia as investors become wary ahead of US Federal Reserve policy decision. The Fed’s decision, to be announced later in the week, could provide clues on when the central bank will adopt a more hawkish tone.
Gold futures stayed below the key $1,800 mark, dipping 0.11% to $1,797.25 by 12:49 AM ET (4:49 AM GMT). The dollar, typically moving inversely to gold, crept down on Tuesday. However, the US currency hovered just below its recent peaks and has been gaining broadly for over a month.
In China, the world’s biggest bullion consumer, net gold imports of gold via Hong Kong soared nearly 42% in June following a drop in May.
Meanwhile, SPDR Gold Trust holdings dipped 0.2% to 1,025.64% tons on Monday, its largest loss since May 13. To date, SPDR Gold Trust has seen outflows of about 20 tons for the month of July.
In news about other precious metals, silver slipped 0.1% and palladium inched down 0.4% while platinum remained steady at $1,063.93.