Gold prices fell on Tuesday for the first time in eight days as buyers stayed on the sidelines ahead of a US Federal Reserve policy meeting that could signal new monetary stimulus, a move that would likely power the metal's recent rally. Spot gold was down 0.5 percent at $1,620.31 an ounce by 3:04 pm EDT (1904 GMT). Prior to Tuesday, the metal had gained around 3 percent during its seven-day winning streak.
US gold futures for August delivery settled down $3.80 an ounce at $1,623.20. Trading volume was weak for a second straight day at about 40 percent below its 30-day average, preliminary Reuters data showed. Bullion held by the world's largest gold exchange-traded fund, the SPDR Gold Trust, rose by 3 tonnes, or 0.3 percent, to 1,281.6 tonnes, its highest level since late April. Among other precious metals, silver was down 0.9 percent at $28.45 an ounce, while spot platinum edged down 0.1 percent at $1,473.80 an ounce. Spot palladium inched down 0.2 percent to $625.60 an ounce.
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