Gold futures were trading at a four-week low Tuesday, with investors focused on the outcome of the U.S. Federal Reserve policy meet, awaiting a decision on tapering down its quantitative easing program.
Gold for August delivery, the most actively traded contract, was sharply down by $17.10 or 1.24 percent at $1,366.00 an ounce. Yesterday, the precious metal settled marginally lower ahead of the two-day Federal Reserve's policy meet outcome later this week and on some upbeat macroeconomic data from the U.S.
In some mixed economic news, consumer prices in the U.S. inched up in May, but came in less than expectations. Meanwhile, new residential construction in the U.S. showed a significant rebound in May, but housing starts still came in well below economists' estimates.
Nonetheless, Germany's investor confidence rose more-than-expected in June after remaining broadly unchanged in the previous month, while consumer price inflation in the U.K. rose more than expected in May.
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