Gold fell to a one-week low as the Federal Reserve starts a policy meeting that may provide information about when the central bank will start slowing the pace of its stimulus. Palladium dropped to a five-week low.
The U.S. central bank, which begins a two-day meeting today, currently buys $85 billion a month of Treasuries and mortgage debt. Fed Chairman Ben S. Bernanke said last month the pace of monthly purchases could be reduced if the employment outlook shows sustainable improvement. Physical demand in North America and Europe has dropped about 80 percent compared with sales in April, according to Kitco Metals Inc.
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