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Gold was mostly unchanged on Tuesday, after dropping over the past two sessions, as investors remained cautious ahead of a Federal Reserve meeting that starts later in the day.
The U.S. central bank is widely expected to stand pat on policy but investors were bracing for any possible signals from the Fed about a tightening later this year.
A recent string of better than expected U.S. data reignited speculation that the Fed will raise interest rates before the end of the year. Interest rate futures are currently pricing in a 52% chance of a rate hike by December, compared with less than 20% a week ago and up from 9% at the start of this month.
Gold is sensitive to moves in U.S. rates, as a rise would lift the opportunity cost of holding non-yielding assets such as bullion.
The yellow metal remained supported amid speculation central banks in Europe and Asia will step up monetary stimulus in the next few months to counteract the negative economic shock from the Brexit vote.
"At this moment people ... are more conservative on the likelihood of an interest rate hike as well as further stimulus. That would induce further correction in gold prices," said Mark To, head of research at Hong Kong's Wing Fung Financial Group.
Reference: Investing, Reuters
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