Gold futures on the COMEX division of the New York Mercantile Exchange ended lower on Monday (Tuesday morning GMT ) ahead of a Federal Reserve policy meeting that starts Tuesday.
The most active gold contract for February delivery dropped 0.9 dollars, or 0.07 percent, to settle at 1263.4 dollars per ounce , Xinhua reported .
The Federal Open Market Committee ( FOMC ) will start a two-day meeting on Tuesday . It is widely expected that the Federal Reserve will end the meeting with an additional reduction of $ 10 billion in asset purchases .
Market analysts believe that gold prices are not likely to stray far from its current level before the announcement of the Fed meeting out on Wednesday ( 29/1 ) .
Economic data released on Monday neutral for gold . The U.S. Commerce Department said that sales of single-family homes fell seven percent in December to an annual rate seasonally adjusted 414,000 , but in 2013 overall sales saw the highest level in five years .
U.S. stocks fell in volatile trade as new home sales data was weaker than expected , and ongoing concerns about developing countries .
Only the stock market " bearish " who has saved gold from its lowest level today, as the U.S. stock markets helped support the weaker demand for the precious metal .
Silver for March delivery rose 2.8 cents , or 0.14 percent , to close at 19.793 dollars per ounce . Platinum for April delivery lost 7.5 dollars, or 0.52 percent, to close at 1421.1 U.S. dollars per ounce .
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