A troy ounce, while silver futures for May delivery dipped 10.1 cents, or 0.65% to trade at 15.47 an ounce.Market participants were looking ahead to Wednesday s Federal Reserve statement to see if it would drop its reference to being "patient" before raising rates.Traders would interpret such a move as a sign that the central bank could raise rates as early as its June monetary policy meeting.
Fed Chair Janet Yellen is to hold what will be a closely watched press conference 30 minutes after the release of the statement.Expectations of higher borrowing rates going forward is considered bearish for gold, as the precious metal struggles to compete with yieldbearing assets when rates are on the rise.
The U.S. dollar index, which measures the greenback s strength against a tradeweighted basket of six major currencies, fell 0.2% to 99.84, moving away from recent 12year peak of 100.77. We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other.
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