Global gold prices off two-week lows ahead of Fed meet

Gold prices see another fall, will it dip further?...

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Spot gold was down 0.3 percent at $1,312.97 an ounce at 1002 GMT, while the dollar was slightly stronger against a basket of major currencies.

Gold was firm on Tuesday, having recovered from over a two-week low hit in the previous session, as traders waited to gauge the path of USA monetary policy for the rest of the year from the two-day Federal Reserve meeting that kicks off later in the day.

The Reserve Bank of Australia in its March meeting minutes reiterate that rising Australian dollar would slow economy pick up, inflation and low rates playing a part in lowering unemployment, lifting inflation. Prices fell to US$1,307.51 earlier in the session, their lowest since March 1.

After its most recent top around $1,334, gold is now above $1,309.

"We have a band of support at $1,300/oz-$1,307/oz - there's the 100-day moving average coming in, there's the previous low and $1,300 is the big psychological level", Hansen said.

Gold fell by another Rs 120 per 10 gram for the third straight session at the bullion market here today following reduced buying interest from stockists and retailers amid lower global cues.

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Mr Powell is expected to hike interest rates and signal three more increases this year at the Fed policy meeting.

Gold is highly sensitive to rising USA interest rates, which reduce its appeal compared with interest-bearing investments.

With an increase of 25 basis points seen as a done deal, one key focus is whether Fed policy makers forecast four rate increases this year instead of the three projected at the December meeting.

Among other precious metals, silver shed 0.1 percent at $16.29 an ounce.

Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday, as the greenback weakened and USA equities fell, which boosts inventor interest in the precious metal.

Palladium added 0.3% to $997.30 and platinum edged up by 0.1% to $943.50 after touching its lowest since January 3 at $936.50.

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