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Gold Extends Recent Slide With Fed in Focus

Gold Extends Recent Slide With Fed in Focus

"The path of least resistance is down on the FOMC meeting", Graves said of the metal's response to outgoing Fed Chair Janet Yellen's last meeting in charge.

Strong US producer price data had helped lift the dollar to a four-week high on Tuesday, suggesting improving inflation ahead of the outcome of the Fed meeting on Wednesday. Investors and analysts have said they will be paying close attention to the central bank's outlook for 2018, as some have said projections for fewer rate increases next year or statements indicating a cautious approach could buoy gold prices.

Spot gold was up about 0.1 percent at $1,242.72 an ounce by 0049 GMT, after losing 0.5 percent on Monday. A dollar-denominated commodity, gold becomes more expensive for overseas buyer when the USA currency grows stronger. On Tuesday it touched $1,235.92, the lowest since July 20.

Gold prices have tended to fall before recent USA rate hikes but to recover shortly afterwards, said Saxo Bank analyst Ole Hansen.

"If the Fed comes out of the gate with more hawkish views on the economy and sees inflation improving, it could impact the dollar index". "I would expect gold to remain offered on any rally and.to retest its overnight lows around $1,240", said Jeffrey Halley, a senior market analyst with OANDA.

Gold Extends Recent Slide With Fed in Focus

Meanwhile, investors also took note of a special Senate election in Alabama, which.

Among base metals, copper for March delivery swung between small gains and losses and closed up 0.4% at $3.0230 a pound.

Platinum rose 0.2% to $878.20 an ounce, after touching its lowest since February 2016 at $868.80 in the previous session.

Palladium was up 0.3 percent at $1,015.90 an ounce.

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