Gold Declines Amid Central Bank Meetings Anticipation

Gold prices have retreated as investors around the world await a series of meetings to be held by central banks, notably the Federal Reserve (U.S. central bank) this week, in search of indicators regarding their intentions for raising interest rates. Spot gold fell by 0.2 percent to $1923.35. U.S. gold futures dropped 0.3 percent to $1922.90. Han Tan, Chief Market Analyst at Axinity, stated that "gold is moving away from its highest level in nine months as the dollar stabilizes and U.S. Treasury yields hold steady, while markets await the latest signals regarding the Federal Reserve's monetary policy direction." In other precious metals, silver rose 0.5 percent in spot trading to $23.66, while platinum declined 0.3 percent to $1007.50. Palladium increased by 1.2 percent to $1638.06.