PRECIOUS-Gold off two-week lows ahead of Fed meet
March 20 (Reuters) – Gold was firm on Tuesday, having recovered from over a two-week low hit in the previous session, as traders waited to gauge the path of U.S. monetary policy for the rest of the year from the two-day Federal Reserve meeting that kicks off later in the day.
Spot gold XAU= was flat at $1,316.44 per ounce at 0353 GMT. In the previous session, it touched $1,307.51 an ounce, its lowest since March 1.
U.S. gold futures GCcv1 for April delivery dropped 0.1 percent to $1,316.10 per ounce.
“While the market has all but factored-in a rate hike, the focus will remain on the commentary and whether Fed Chair Jerome Powell hints at further rate hikes in 2018,” ANZ analysts said in a note.