LONDON: Gold dipped on Tuesday on technical selling, although losses were limited as most investors stayed on the sidelines ahead of a US Federal Reserve meeting that should provide signals on the pace of future monetary tightening.

Spot gold dipped 0.3 per cent to $1,261.88 per ounce at 1229 GMT, extending losses into a fifth session, after hitting a session low of $1,259.16, its weakest since June 2.

US gold futures for August delivery dropped 0.4pc to $1,264.10. The US dollar slipped ahead of the Fed meeting, with investors also awaiting details from the Fed on its plans to shrink $4.5 trillion dollars of assets it amassed to nurse the economic recovery.

Silver slipped 1.2pc to $16.72 per ounce, having earlier hit $16.68, its lowest since May 19. In the previous session, it slid 1.4pc to its biggest one-day percentage decline since May 18. Platinum fell 1.1pc to $926.24 per ounce.

Published in Dawn, June 14th, 2017