RTTNews - Gold prices inched higher on Tuesday, taking back some of yesterday's losses. In general, the metal continued to see limited movement ahead of the Federal Open Market Committee's decision tomorrow.
August gold moved to $924.30, up $3.30 on the session. The metal traded between $927.30 and $913.20 through the day.
The Federal Open Market Committee began its two-day policy meeting today, with an interest rate decision coming tomorrow. Interest rates are expected to remain unchanged near zero.
The dollar saw some weakness against its European rivals, adding to gold's hedge appeal. The greenback fell to an 11-day low against the euro and also turned to the downside against the British pound. Gold usually moves opposite the dollar because of the precious metal's hedge appeal.
On the economic front, a National Association of Realtors report showed that existing home sales rose 2.4 percent to an annual rate of 4.77 million units in May from a revised 4.66 million units in April. Economists had expected sales to rise 3 percent to 4.82 million units from the 4.68 million units originally reported for the previous month.
Gold fell to $921.00, down $15.20 for the session. Prices touched an intraday low of $918.30.
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