WASHINGTON (dpa-AFX) - Gold prices traded lower on Tuesday while the dollar steadied after a four-day decline as investors looked ahead to the Fed meeting outcome.
Spot gold dipped 0.3 percent to $2,574.09 per ounce while U.S. gold futures were down 0.2 percent at $2,602.40.
A two-day policy meeting of the U.S. Federal Reserve gets underway later today, with investors increasingly pricing a half-point cut to interest rates.
Fed funds futures traders currently price in a 62 percent probability of a 50 basis-point cut and a 38 percent probability of a 25 basis-point cut, according to the CME FedWatch Tool.
Whether the Fed decides to cut rates by 25 or 50 basis points, the central bank is still expected to continue lowering rates over the remainder of the year.
In economic releases, U.S. retail sales data for August, U.S. industrial and manufacturing production for August, business inventories for July and U.S. NAHB housing market index for September are slated for release in the New York session.
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