Gold Falls to $1,288.86 an Ounce Ahead of Fed Meeting

Gold fell 0.5 percent or $6.44 to $1,288.86 an ounce on Tuesday, according to Reuters. The market is awaiting the results of the U.S. Federal Reserve’s policy meeting starting today, as well as a U.S. jobs report due out soon. However, according to the source, losses were cushioned by continued fears about the situation in Ukraine.

“Rumbling in the background there are still tensions between Russia and the West over Ukraine … but we are seeing some pre-selling ahead of the FOMC (Federal Open Market Committee meeting) and the non-farm payrolls,” Societe Generale analyst Robin Bhar told Reuters.

U.S. gold futures for June delivery fell 0.7 percent or $9.09 to $1,289.40 per ounce.