Gold Steady Below $1160 Ahead of Fed

Gold was stuck near its lowest in over three months on Monday, pressured by a stronger dollar, ahead of a key Federal Reserve policy meet this week that could hint at the timing of any hike in U.S. interest rates.

Spot gold slipped 0.3 percent to $1,155.36 an ounce by 0026 GMT, after posting its sixth weekly decline in seven on Friday.  The metal hit its lowest since Dec. 1 of $1,147.10 last week after strong U.S. jobs data stoked speculation that the Fed would increase rates in June.

Investors will be watching the Fed’s two-day policy meet that begins on Tuesday for clues on U.S. central bank view on the economy and how soon it could raise interest rates.  Higher rates could dent demand for gold, which does not pay any interest.

CNBC

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