Gold Prices Slipped as Dollar Surges, Traders Eye Fed Decision

Gold prices slipped on Tuesday as the US dollar strengthened to near one-month highs. The yellow metal fell by 0.7% to $4,049.12 an ounce at 23:50 ET (03:50 GMT), while U.S. Gold Futures also dipped a similar amount to $4,049.10.

The strengthening dollar made dollar-priced bullion more expensive for overseas buyers. Traders await the Federal Reserve's policy decision and Chair Kevin Warsh's comments for clues on the outlook for interest rates. Markets broadly expect the Fed to leave interest rates unchanged when its two-day meeting concludes on Wednesday.