Gold Down at $1252 before FOMC

Gold settled lower on Tuesday, extending the previous session’s 1 percent drop, as global equities rebounded from their lowest in over a month and emerging markets stabilized after three days of intense selling.

Moves were muted, however, ahead of the start of a two-day meeting by the Federal Reserve, which is expected to continue tightening monetary policy.

Policymakers will almost certainly make a $10 billion cut to the Fed’s $75 billion monthly bond-buying program, analysts said. Expectations that the program would be cut were a major factor in gold’s 28 percent price crash last year.

CNBC

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