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Gold prices edge down as dollar stays firm ahead of Fed meeting

Gold prices extended losses into a fourth session on Monday, with the dollar remaining supported as investors expect the U.S. Federal Reserve to raise interest rates this week.

Spot gold XAU= was down 0.1 percent at $1,311.70 per ounce at 0402 GMT, after falling 0.8 percent last week.

U.S. gold futures GCcv1 for April delivery dropped 0.1 percent to $1,311.60 per ounce.

“I think the overall economic recovery is good enough for the (U.S.) central bank to consider a faster pace of normalization of monetary policies,” said Mark To, head of research at Hong Kong’s Wing Fung Financial Group.

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