Gold declined in New York before the Federal Reserve starts a two-day meeting as investors weighed when the central bank will taper asset purchases.
The Federal Open Market Committee begins its two-day policy meeting tomorrow. Fed Chairman Ben S. Bernanke said last month the central bank, which is buying $85 billion of Treasuries and mortgage securities a month to spur the economy, could scale back stimulus efforts if the employment outlook shows sustainable improvement. Holdings in exchange-traded products backed by gold fell to the lowest since March 2011.
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