LONDON: Gold prices retreated from a one-month high on Tuesday as equities gained ahead of a US Federal Reserve meeting that is expected to provide more clues about monetary policy.
The market is not expecting an interest rate increase at the Fed’s two-day meeting starting on Tuesday but it is looking for hints on the timing and extent of future moves.
Spot gold was 0.2 per cent lower at $1,252.59 an ounce by 1326 GMT, not far from the previous session’s peak of $1,258.79, its highest since June 23.
US gold futures fell 0.2pc to $1,252. “The market is looking for clarity on the Fed’s tightening cycle and when they are going to start with the tapering (of monetary stimulus),” said ETF Securities analyst Martin Arnold.
Published in Dawn, July 26th, 2017
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