Gold held losses near the lowest level in more than three weeks before the U.S. Federal Reserve concludes a policy meeting that may indicate when the central bank will reduce asset purchases.
Spot gold traded at $1,367.05 an ounce at 2:06 p.m. in Singapore from $1,367.65 yesterday, when the metal dropped to $1,361.08, the cheapest since May 23. Assets in the SPDR Gold Trust, the biggest bullion-backed exchange-traded product, slid to 1,001.66 metric tons yesterday, the least since February 2009.
Gold has slumped 18 percent this year, entering a bear market in April, as some investors lost faith in the precious metal as a store of value amid speculation the Fed will scale back monetary stimulus as the U.S. economy recovers. The central bank, ending a two-day meeting today, currently buys $85 billion of Treasury and mortgage debt a month.
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