Reuters: PRECIOUS-Gold eases in quiet trade, all eyes on Fed meeting

Gold inched lower in quiet trading on Tuesday as participants largely stayed on the sidelines ahead of a Federal Reserve policy statement on Wednesday that may provide clues on the pace at which it plans to scale back its bond-buying program.

Bullion pared earlier losses on signs the U.S. economy maybe slowing as data showed home prices in May rose less than
expected and consumer confidence waned in July.

The Fed is scheduled to release a policy statement Wednesday afternoon after its two-day meeting. Traders will be looking for clues as to when the U.S. central bank will start tapering its $85 billion monthly bond purchases.

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