Gold edged lower on Tuesday as the dollar firmed while traders waited to gauge the path of US monetary policy for the rest of the year from the two-day Federal Reserve meeting that kicks off later in the day. Spot gold was down 0.1 percent to $1,314.98 per ounce at 0758 GMT. In the previous session, it touched $1,307.51 an ounce, its lowest since March 1.
US gold futures for April delivery dropped 0.2 percent to $1,314.70 per ounce. "Gold is trading in a relatively narrow range leading into the Fed meeting, continuing a period of extremely low volatility for the precious metal," said Jordan Eliseo, chief economist at gold trader ABC Bullion.
Holdings at the SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, holdings rose 1.26 percent, their best one-day percentage rise since January 18, to 850.84 tonnes on Monday from 840.22 tonnes on Friday.
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