Gold futures settled on Tuesday at their lowest level since early November, as investors awaited the outcome of the two-day Federal Open Market Committee meeting for cues on the metal’s next direction.
The FOMC meeting concludes Wednesday with a policy statement and news conference.
Gold for April delivery GCJ5, +0.16% declined by $5, or 0.4%, to settle at $1,148.20 an ounce on Comex after settling higher for a third straight session on Monday. That was the lowest settlement for a most-active contract since Nov. 6.
Silver for the same month SIK5, -0.24% shed 3.9 cents, or 0.3%, to $15.578 an ounce.
Tokyo (Nikkei Average NIK, +0.07% ) down 0.1%
Hong Kong (Hang Seng Index HSI, +1.05% ) up 1%
Shanghai (Shanghai Composite Index SHCOMP SHCOMP, +0.86% ) up 0.8%
Sydney (S&P/ASX 200 XJO, -0.46% ) down 0.6%
Seoul (Kospi SEU, +0.17% ) up 0.2%
Taipei (Taiex Y9999, +1.15% ) up 1%
THE Straits Times Index (STI) opened lower at 3,361, down 8.95 points or 0.27 per cent, on Wednesday, weighed down by cautious sentiments as commodity prices fall and nervousness increased ahead of a Federal Reserve policy statement.
Oil extended losses from a six-year low with the US government data projected to show crude stockpiles had risen to a fresh record.
Analysts are saying US oil is on the cusp of a bear market, with many predicting supplies already at their highest level in more than 30 years rose by another 4.4 million barrels.
The Fed may cut a reference to being "patient" on rate rises in its policy statement, Morgan Stanley and BNP Paribas SA have said, according to Bloomberg.
