MTECHTIPS:-Gold slips lower ahead of key Federal Reserve meeting

MTECHTIPS:-Gold slips lower ahead of key Federal Reserve meeting

MTECHTIPS – Gold prices slipped lower on Tuesday as investors turned their attention to the outcome of the Federal Reserve’s two-day meeting on Wednesday as expectations for an interest rate increase continued to weigh on the precious metal. Gold was trading at $1,160.75 a troy ounce by 09:48 GMT, not far from the lows of $1,153.00 set on Monday, the weakest since February 4. The dollar firmed up against a basket of six other major currencies, with the U.S. dollar index at 101.04. The Fed is widely expected to hike rates for the first time in a year on at the conclusion of its meeting, with investors pricing in a 100% chance of an increase, according to federal funds futures tracked Investing.com’s Fed Rate Monitor Tool. The U.S. central bank will also announce updated economic forecasts and markets will be watching closely for signals on the outlook for inflation and the expected pace of rate hikes in 2017. Investors remained wary amid concerns that the Fed could strike a cautious tone on the outlook for policy tightening next year.

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