Gold sinks moderately in Asia

On Tuesday, gold sank a bit in Asia, with language from the Federal Reserve after its Wednesday’s rate announcement considered to be key for direction.

February delivery gold futures dived 0.06% in New York being worth $1,246.10 a troy ounce.

Overnight, gold was still pressured notwithstanding weakness in the greenback as data disclosed money managers dared to slash their bullish bets on gold to a 17-week minimum ahead of a widely aniticpated Federal Reserve interest rate lift.

Fresh from a three-week losing marathon, the number one precious metal struggled to pare recent losses as market participants waited for the final Federal Reserve gathering of the year slated to get underway on Tuesday, while a policy decision will emerge on Wednesday.

Apart from the policy decision on interest rates, market participants are also expected to digest the Fed’s update to the summary of economic projections for further clues on upcoming monetary policy.

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