Spot gold prices are trading in negative territory Tuesday after tentatively recovering some lost ground during the previous session. Spot gold ended Monday’s session $6.75 higher at $1728.50/oz after the precious metal came in for some support from the physical market after dropping to its lowest level for more than a month. Prices are expected to remain trading on a range bound basis ahead of the two-day FOMC meeting due to start today with a statement on its policy deliberations scheduled to be published around 1815GMT on Wednesday. Spot gold prices have declined from highs of $1730.33/oz to print a session low of $1722.80/oz a few moments ago, with prices fading a little in tandem with some moderate weakness in FX pair euro-dollar. Spot gold now trades at $1723.60 a troy ounce, down $4.90 on the session.
EasyForexNews Research Team