Gold slipped to its lowest level in over two weeks on Monday as equities rallied and the dollar firmed, while prospects of monetary policy tightening in the United States ahead of a Federal Reserve meeting also weighed on the metal.
Spot gold was down 0.2 % at $1,317.00 an ounce, as of 0423 GMT. Earlier in the session, it hit $1,315.10, its lowest since Aug 31.Spot gold may drop to $1,309 per ounce, as it has broken a support at $1,321, said Reuters technical analyst Wang Tao.
U.S. gold futures for December delivery fell 0.3 % to $1,321.10 an ounce.
The two-day Fed Open Market Committee meeting, which begins on Tuesday, will be closely watched by markets as the U.S. central bank is expected to announce balance sheet reduction in an effort to "normalise" monetary policy.
Spot gold was down 0.2 % at $1,317.00 an ounce, as of 0423 GMT. Earlier in the session, it hit $1,315.10, its lowest since Aug 31.Spot gold may drop to $1,309 per ounce, as it has broken a support at $1,321, said Reuters technical analyst Wang Tao.
Commodity news on 19 sept - Gold secured above a two-week low on Tuesday, with commodity traders are waiting direction from a Federal Reserve meeting for getting signals on the step of monetary policy tightening by the United State govt.
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