The gold trade was weak during Tuesday's trade, with precious metal trying to recover after registering the lowest level in two weeks during Monday's session before the meeting closed at an altitude.
The US dollar slipped yesterday to its lowest level in three weeks against the major currencies, wh
ich helped to stop the gold sales that tried to make up for part of its losses at the closure on Wednesday.
Gold continues to suffer from a decline in demand as a safe haven in the marketplace, while the Asian stock markets are undergoing a collective retreat, and the price of gold is almost unmoving, and yesterday's recovery was a reaction to the movement of the dollar only.
The main reason behind this is the growing expectation that the Fed is on the way to raise interest rates during its meeting this week, which is detrimental to commodity markets since gold does not provide a return to its possessors but is merely a store of value.
Gold prices are currently traded at the level of $1316.31 for the ounce, after registering the lowest level at $1315.58 per ounce, and it opened today's meeting at the level of $1316.59 per ounce, registering the highest level at $1318.28 per ounce.