Spot gold was down 1.1% to $1,856.30 per ounce by 0908 GMT, after hitting its lowest since May 19 at $1,854.39.
Along with a stronger dollar, profit-taking is weighing on the metal, said independent analyst Ross Norman, adding that the market was seeing a bit of book squaring ahead of the Fed’s June 15-16 meeting.
“The Fed is expected to leave policy unchanged and again play down taper talk,” ING analysts said in a note.
“Nonetheless, markets will be looking for hints on whether the Fed is starting to acknowledge that inflation may not be as transitory as thought.
Elsewhere, silver fell 0.7% to $27.69 per ounce, palladium dropped 0.6% to $2,759.04, and platinum dipped 0.4% to $1,145.83.
Ross Norman, ” Norman, Arundhati Sarkar, Subhranshu Sahu
U.S . Federal, U.S, Bengaluru