Gold Prices Dip Toward $4000 Ahead Of Fed Decision

India, July 28 -- Gold prices were sharply lower on Tuesday as traders waited for the Federal Reserve policy decision.

Spot gold fell 1.2 percent to $4,029.23 an ounce while U.S. gold futures were down 1.2 percent at $4,028.35.

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The U.S. dollar hovered near a one-month high as expectations of higher-for-longer interest rates countered investor relief over recent declines in global crude oil prices.

The U.S. Federal Reserve is set to announce its monetary policy decision on Wednesday, with analysts expecting no change in interest rates.

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