WASHINGTON (dpa-AFX) - Gold futures settled marginally down on Monday as the dollar firmed a bit ahead of the Federal Reserve's monetary policy meeting that gets underway on Tuesday.
The Fed is widely expected to leave interest rates unchanged. The bank's accompanying statement is eyed for clues about a potential interest rate cut in September.
Gold futures for July ended down $2.70 or about 0.11% at $2,377.30 an ounce.
Silver futures for July ended lower by $$0.157 or about 0.56% at $27.703 an ounce, while Copper futures for September dropped to $4.0825 per pound, down $0.0415 or 1.01%.
Gold prices edged higher earlier in the session amid escalating tensions in the Middle East. According to reports, a rocket strike in the Israeli-occupied Golan Heights killed several children and teens in what the military called the deadliest attack on civilians since October last year.
Turkish President Recep Tayyip Erdogan escalated tensions with Israel on Sunday, suggesting the possibility of military action against the Jewish state amid ongoing conflict with the Iranian proxy group Hezbollah.
The Bank of Japan's policy meeting is due on Wednesday, with markets split over a 10-basis point hike. The central bank may also announce its bond purchase tapering plans.
The Bank of England is expected to cut base rates at Thursday's meeting but may warn investors not to expect a string of back-to-back interest rate cuts.
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