WASHINGTON (dpa-AFX) - Gold prices were moving lower on Tuesday as a two-day policy meeting of the Federal Reserve gets underway later today.
Spot gold dipped half a percent to $2,640.15 per ounce while U.S. gold futures were down 0.6 percent at $2,655.01.
The Fed will announce its last move on interest rates for the year on Wednesday and it is likely that the main rate will be cut for a third straight time.
A 25-bps rate cut is already priced in by markets and investors are waiting to assess the dot chart, Chair Powell's statements and the Fed's broader outlook, particularly for 2025 under the Trump administration.
A total of 22 central banks are set to announce their monetary policy decisions this week, including the Fed, Bank of Japan and Bank of England.
Reports on U.S. retail sales and industrial production due later in the day and Friday's report on inflation as measured by Personal Consumption Expenditures may also offer additional clues on the Fed's rate trajectory.
Policymakers in Japan, Britain and Norway are seen holding rates steady this week while economists expect a consensus 25bp rate cut in Sweden.
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