WASHINGTON (dpa-AFX) - Gold extended losses on Tuesday to hover near a three-week low as easing fears of a wide Middle East conflict lowered bullion's safe-haven demand.
Spot gold fell 1.2 percent to 2,298.44 per ounce, while U.S. gold futures were down 1.5 percent at $2,312.80.
Fears of a wider Middle East conflict eased after Iran and Israel completed 'measured' counterattacks that were calibrated to avoid any casualties.
Traders also await cues from a slew of U.S. economic data this week, including the release of first-quarter U.S. GDP data as well as the core personal-consumption expenditures (PCE) price index, which is the Fed's preferred measure of inflation.
U.S. building permits for March, Redbook report, flash PMI data for April, new home sales data for March and Richmond Fed manufacturing index for April all are slated for release in the New York session later in the day.
Following recent hawkish Fed commentary, the Federal Open Market Committee (FOMC) is expected to leave the fed funds target rate unchanged at 5.25-5.50 percent at the conclusion of its April 30-May 1 meeting.
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