WASHINGTON (dpa-AFX) - Gold prices rose slightly on Tuesday and the U.S. dollar parred early gains as investors awaited the outcome of a Federal Reserve meeting. Spot gold edged up 0.1 percent to $1,428.11 per ounce while U.S. gold futures were up half a percent at $1,427.85 an ounce.
The Fed is likely to cut the target range for the federal funds rate by 25 bps when its two-day policy meeting ends on Wednesday.
Investors are waiting to see how dovish the Fed comes across in its monetary policy statement and Fed Chair Jerome Powell in his post-meeting press conference.
As a 25 bps rate cut has already been priced into markets, traders would be willing to know whether the Fed plans to cut rates in September and December.
Earlier today, the Bank of Japan kept its ultra-low interest rates unchanged, as widely expected, but said it would not hesitate to make adjustments if necessary for achieving the central bank's 2 percent inflation target.
U.S-China trade talks also remain on investors' radar, although expectations for progress during the two-day meeting in Shanghai are low.
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