Gold prices fell on Tuesday, deepening losses losses for the third day, near a 4-week low, ahead of the Federal Reserve monthly meeting today, expected to shed some clarity on the future of US monetary policy. 

Gold prices fell 0.4% to $1,858.64 an ounce, after opening at $1,866.29, and a high at $1,869.18.

Gold lost 0.6% yesterday, and posted its second straight daily loss and hit 4-week low at $1,844.39 an ounce, weighed down by the recovery in the US bond yields.

The Fed is convening later today to decide on monetary policy and provide clarity over the future of monetary policy in the US, amid expectations to keep the interest rate between 0.0% and 0.25% unchanged. 

Fed policymakers asserted before that current high inflation is only temporary and that ultra easy policies will carry on until a more solid recovery is achieved. 

Several Federal Reserve officials have repeated Fed Chairman Jerome Powell's comments that the recent rise in inflation is temporary and that the continuation of dovish monetary policy is still relevant.

Recent US data however stoked concerns about inflation as the economy reopens, which might force the Fed to tighten its monetary policy earlier than 2023. 

Gold stocks at the SPDR ETF remained unchanged yesterday, with the total at the highest level since June 1st at 1,044.61 metric tonnes.

Euro rose in European trade against dollar for another session away from four-week lows before the Federal Reserve's policy meeting today, expected to shed some clarity on the future of US monetary policy. 

EUR/USD rose 0.25% to 1.2147, with an intraday low at 1.2113, after closing up 0.1% yesterday, the first profit in three days away from four-week lows at 1.2092. 

The dollar index fell over 0.1% on Tuesday for another session against a basket of major rivals. 

The Fed is convening later today to decide on monetary policy and provide clarity over the future of monetary policy in the US. 

Fed policymakers asserted before that current high inflation is only temporary and that ultra easy policies will carry on until a more solid recovery is achieved. 

Recent US data however stoked concerns about inflation as the economy reopens, which might force the Fed to tighten its monetary policy earlier than 2023. 

Silver futures closed lower on Monday, after last week's gains, and despite the US dollar drop against most majors.

The US Federal Reserve will start its meeting on Tuesday, and will continue until Wednesday, followed by the interest rate decision, which is expected to be held unchanged near zero.

The Federal Open Market Committee is expected to discuss the rising inflation rate, especially after the recent increase of 0.6% in the consumer price index during May, which is the highest level since 2008.

Federal Reserve Chairman Jerome Powell will comment on monetary policy afterwards at a press conference.

The dollar index fell against a basket of major currencies by 0.1% to 90.4 points as of 20:14 GMT, after hitting a high of 90.6 points and a low of 90.4 points.

Silver July futures fell 0.4% or 11 cents, and closed at $28.04 an ounce, after gaining 0.9% last week

Most US stock indices closed higher on Monday, as S&P 500 and Nasdaq posted a new record close, ahead of Federal Reserve meeting.

The Fed will start its meeting on Tuesday, and will continue until Wednesday, followed by the interest rate decision, which is expected to be held unchanged near zero.

The Federal Open Market Committee is expected to discuss the rising inflation rate, especially after the recent increase of 0.6% in the consumer price index during May, which is the highest level since 2008.

Federal Reserve Chairman Jerome Powell will comment on monetary policy afterwards at a press conference.

To the oil market, WTI crude July futures July delivery fell less than 0.1% and closed at $70.88 a barrel, after hitting a high of $71.7 and a low of $70.6.

Brent August futures rose 0.2% or 17 cents, and closed at $72.86 a barrel, after hitting a high of $73.6 and a low of $72.5.

As for stocks, Dow Jones fell 0.2% or 86 points, and closed at 34,393, with a day high of 34,472, and a low of 34,211.

Nasdaq rose 0.7% or 104 points to 13,911, with a high of 14,175 and a low of 14,056.

S&P 500 rose 0.2% or 7 points to 4,255, after hitting a high of 4,255 and a low of 4,234.