The Gold Futures Down A Third-straight Session

Gold futures declined on Tuesday to tally a third-straight session decline. Strength in U.S. Treasury yields contributed to price pressures ahead of the Federal Reserve's monetary policy announcement on Wednesday that may offer cues on the metal's next move. "Heading into this Fed meeting a ton of dovishness has already been priced in, so many gold traders have been quick to lock in profits," said Edward Moya, senior market analyst at Oanda. He said the Fed will "finally start to talk about tapering, but that probably won't actually happen until the very end of this year if not early next." Gold volatility will likely remain elevated throughout the initial reaction and days following the central bank's announcement, said Moya. August gold GCQ21, 0.04% fell $9.50, or 0.5%, to settle at $1,856.40 an ounce, extending its decline to the lowest most-active contract finish since May 14, FactSet data show.

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