BULLION SLIPS AHEAD OF KEY US DATA AND FED OUTLOOK

Gold prices declined by more than 1% on Tuesday as investors adopted a cautious stance ahead of the Federal Reserve`s policy decision and Chair Kevin Warsh`s remarks for fresh guidance on the future path of U.S. interest rates. Market participants also remained on the sidelines before the release of key U.S. economic indicators, including second-quarter GDP and the Fed`s preferred inflation measure, both scheduled later this week. A firm U.S. dollar, hovering near a one-month high, further pressured bullion by making gold more expensive for overseas buyers. Meanwhile, easing geopolitical tensions in the Middle East, following a continued pause in hostilities between the U.S. and Iran, also reduced safe-haven demand. On the domestic front, MCX August gold futures traded nearly 1% lower at around ₹1,41,954 per 10 grams.

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