Gold falls ahead of Federal Reserve's decisions

Gold prices fell 0.3% to $1,853.25 an ounce, after opening at $1,859.36, and a high at $1,861.52.

Gold lost 0.4% yesterday, and posted its third straight daily loss, as investors focused on the US dollar.

The dollar index rose 0.1% today, near a 5-week high at 90.67 points, which weighs down on demand for dollar denominated metals.

The Federal Reserve will conclude its meeting later today,  to decide on monetary policy and provide clarity over the future of monetary policy in the US, amid expectations to keep the interest rate between 0.0% and 0.25% unchanged. 

At 18:00 GMT the interest rate decision, and the US economic outlook will be released, and Federal Reserve Chairman Jerome Powell will deliver a speech at 18:30 GMT.

Several Federal Reserve officials have repeated Fed Chairman Jerome Powell's comments that the recent rise in inflation is temporary and that the continuation of dovish monetary policy is still relevant.

Recent US data however stoked concerns about inflation as the economy reopens, which might force the Fed to tighten its monetary policy earlier than 2023. 

Gold stocks at the SPDR ETF remained unchanged yesterday, with the total at the highest level since June 1st at 1,044.61 metric tonnes.