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Amman — Gold prices declined on Tuesday, pressured by a strengthening US dollar as markets await the upcoming monetary policy decision from the Federal Reserve for signals regarding interest rate expectations.
Spot gold fell 0.7% to $4,044.81 per ounce by 02:50 GMT, following a gain of nearly 1% on Monday. US gold futures for August delivery dropped 0.8% to $4,045.40.
The US dollar held near a one-month high, making dollar-denominated gold more expensive for holders of other currencies.
Ilya Spivak, Head of Global Macro at financial content network Tastylive, stated: "We are oscillating in this narrow range between $3,950 and $4,200, and I think the market is simply waiting for signals from the Federal Reserve."
The US Federal Reserve concludes its two-day monetary policy meeting on Wednesday. According to the CME FedWatch tool, the probability of the Fed keeping interest rates unchanged stands at 62%, while 38% of market participants expect a rate hike of at least 25 basis points—up from 16% recorded a week ago.
Markets are also pricing in an 81% probability of a rate hike at the central bank's September meeting.
Among other precious metals, spot silver fell 1.9% to $57.30 per ounce, platinum dropped 1% to $1,605.14, and palladium slipped 1.6% to $1,271.09.