Spot Gold eased from a near 3-month peak of $2,786.06 per troy ounce on Monday on a stronger US Dollar.
The US Dollar Index was gaining 0.21% on the day to 107.694, while making the yellow metal less appealing to holders of other currencies.
Market players now focused on the outcome of the Federal Reserve’s first policy meeting for this year.
The Fed is expected to leave its key interest rate on hold at its upcoming policy meeting on January 28th-29th. It would be the first pause in the monetary easing cycle, which was initiated in September.
“Market focus will likely be on how the Fed reacts to comments from President Trump, who has called for continued interest rate cuts,” Reliance Securities’ senior analyst Jigar Trivedi was quoted as saying by Reuters.
Spot Gold was last edging down 0.49% to trade at $2,757.27 per troy ounce.
Gold Futures for delivery in April were edging down 0.58% on the day to trade at $2,790.41 per troy ounce.
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