Gold fell about 2 percent on Tuesday to a seven-week low after the Federal Reserve acknowledged the recent signs of economic strength and offered few clues on further US monetary easing. The metal has fallen 7 percent since late February as some funds might have exited the bullion trade on fears central banks could be done with quantitative easing or asset purchases by the Fed after an encouraging US employment recovery.
Spot gold was down 2.1 percent at $1,663.99 an ounce by 3:47 pm EDT (1947 GMT), having earlier hit a seven-week low of $1,661.99 an ounce. US gold futures for April delivery settled down $5.60 at $1,694.20 an ounce ahead of the FOMC statement. Spot platinum turned negative in last session. It eased 0.5 percent to $1,680.43 an ounce, eking out a small premium to gold and ending for now the rare trend of the last six months. In other precious metals, silver dropped 1.5 percent to $33.70 an ounce, while palladium gained 0.7 percent to $700.83 an ounce.
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