Gold futures were trading lower Tuesday morning, pulling back from a three-week high, as investors braced for central bank meetings this week, headlined by the gathering of the Federal Reserve which could catalyze moves in precious metals.
February gold
GCF22,
GC00,
fell $4.30, or 0.2%, to reach $1,784.30 an ounce on Comex, following a 0.2% gain for the yellow metal, which marked the highest settlement for a most-active contract since Nov. 22, FactSet data show.
The Fed will kick off its two-day, monetary-policy meeting later Tuesday and Chairman Jerome Powell said last month that the bank needed to shift its focus toward preventing rising inflation which has reached its highest level since 1982, by at least one measure.
See: 5 things to watch for when the Federal Reserve announces its policy decision Wednesday
Investors Tuesday will also parse a fresh reading of U.S. producer price inflation, with November data due at 8:30 a.m. Eastern Time.
Meanwhile, March silver
SIH22,
was trading 21 cents, or 1%, lower at $22.12 an ounce, after climbing 0.6% on Monday.
