Gold steadies on upcoming Fed policy meeting

Gulf Today Report 

Gold prices steadied on Tuesday as the market await the outcome of the US Federal Reserve monetary policy meeting.

Spot gold was flat at $1,780.86 per ounce by 07:24 GMT while US gold futures were little changed at $1,780.70 per ounce.

Meanwhile, the dollar firmed, making gold less appealing for holders of other currencies.

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Investors are paying close attention to Fed Chairman's outlook on the economy.

The Fed slashed its benchmark overnight interest rate to near zero last March after the pandemic hit the United States, and has promised to leave borrowing costs unchanged until the economy reaches full employment and inflation hits 2%.