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Gold dips on uncertainty about Fed, U.S.-N.Korea summit
Gold dipped on Monday, pressured by a firmer dollar and worries that the U.S. central bank will signal a tighter future monetary policy at a meeting this week that is expected to boost rates.
Spot gold XAU= was down 0.2 percent at $1,295.35 per ounce at 0955 GMT, while U.S. gold futures GCcv1 for August delivery were 0.3 percent lower at $1,299.20 per ounce.
The U.S. Federal Reserve will likely raise its target interest rate to above the rate of inflation for the first time in a decade this week, seeking to sustain the second-longest U.S. expansion on record while continuing to edge rates higher. on the sidelines, waiting for the outcome of the Fed meeting. There’s a tug of war on views on what kind of message the Fed will put out,” said Gianclaudio Torlizzi, partner at consultancy T-Commodity in Milan