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Gold prices slipped on Tuesday in Asia as investors awaited U.S. Federal Reserve’s rate policy due Wednesday.Benchmark COMEX gold futures for February slipped 0.1% at $1,250.25 per troy ounce by 1:30 AM ET (06:30 GMT).Meanwhile, the U.S.doller index that tracks the greenback against a basket of other currencies last traded at 97.13, up 0.03%.
The index was little changed as traders awaited a widely expected Federal Reserve rate hike due Wednesday, in what will be its eighth move since December 2015 when it embarked upon policy normalisation.However, markets will likely focus more on the central bank’s expectations about rate hikes for the upcoming year, with many predicting a more dovish outlook.In September, the Fed projected three rate increases for next year, but some are expecting the Fed policymakers to signal just two rate hikes for next year as global growth continued to wobble.In general, gold is often sensitive to movements in the dollar.
A stronger greenback is seen as a headwind for commodities priced in dollars as it makes them more expensive to holders of other currencies.“The key driver (of prices) in the next few sessions is going to be the markets’ expectations for the Fed,” said Suki Cooper, precious metals analyst at Standard Chartered (LON:STAN).