Gold Prices Fall as Dollar Strengthens Ahead of Fed Decision

Gold prices fell by 0.81% to $4,041.99 per ounce as the US dollar strengthened ahead of the Federal Reserve's interest rate decision.

The decline erased part of Monday's advance, when falling oil prices and a softer dollar had eased inflation concerns and strengthened demand for gold.

U.S. President Donald Trump has been calling for lower borrowing costs, saying the United States should have the lowest interest rate in the world.

Ilya Spivak, head of global macro at Tastylive, said that gold remains within a relatively narrow range of $3,950 to $4,200 per ounce as traders wait for signals from the Federal Reserve.