Gold Price Lower As Fed Preps Rate Call

London (May 1)  Gold futures continued to move lower Tuesday ahead of this week's Federal Reserve meeting.

Gold was down USD10 at USD1308 an ounce, its lowest in more than 5 weeks.

The Federal Reserve on Wedesday will make its latest interest rate announcement. No change to monetary policy is expected, but the Fed will likely signal that further rate hikes are imminent.

Signs of inflation and a strong jobs market will be cited as reasons for tightening monetary policy.

Manufacturing PMI and construction spending data are due this morning.

AllianceNews