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Gold steadies as traders brace for Fed meeting

Gold prices held steady on Tuesday, buoyed by a subdued dollar, although price action was limited as investors awaited the U.S. Federal Reserve policy meeting for more clarity on its tapering plans. Spot gold was little changed at $1,764.46 per ounce at 0907 GMT, while U.S. gold futures were up 0.1% to $1,765.00 per ounce. “The big question that needs to be answered is will the current market uncertainty change any prospective timeline that the Fed might have when it comes to announcing its tapering of asset purchases,” said Michael Hewson, chief market analyst at CMC Markets UK.

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