Gold was flat Tuesday morning, unable to build on gains from the previous session, as traders anxiously awaited the latest interest rate announcement from the Federal Reserve.
The Fed kicks off its two-day meeting on monetary policy today in Washington, with an announcement scheduled for Wednesday afternoon.
Although few anticipate a rate hike at this meeting, traders are hoping for some clarity about whether the Fed targets July or September to begin tightening.
Gold for June was down $1 at $1202 an ounce this morning. Prices have been floating around the $1200 mark for the past month.
Analysts say Monday’s upmove may have been due to short covering or some unusual levels of physical buying.
Silver was down 2 cents at $16.42.
The material has been provided by InstaForex Company – www.instaforex.com