Spot gold prices are trading in negative territory Tuesday, halting a three-day advance ahead of this week’s FOMC meeting. Spot gold ended Monday’s session $8.90 higher at $1712.95/oz, with sentiment underpinned ahead of today’s two-day FOMC meeting where policy makers are expected to announce more stimulus measures, which in turn could provide some support for the precious metal. Spot gold prices have given back some of yesterday’s gains so far during Asian traded hours this morning, slipping back from a session high of $1713.15/oz to hold at lows of $1706.95/oz. Prices had managed to advance to one-week highs of $1717.20/oz during yesterday’s session. Spot gold now trades at $1709.60/oz, down $3.35 on the session so far. Metals brokers report muted activity so far, with offers noted above around $1719/20. Light bids are seen around $1702/oz.
EasyForexNews Research Team