Gold drops

Bengaluru

Gold prices fell as the dollar gained on Tuesday, with investors waiting for clues on the timing of any increase in U.S. interest rates from minutes of a Federal Reserve meeting and in a series of speeches by Fed officials this week.

The heads of five regional U.S. Fed branches are scheduled to speak this week. In addition, Fed Board Governor Jerome Powell speaks on Wednesday, when minutes of the last policy meeting are also due.

Spot gold fell 0.4 percent to $1,233.21 per ounce by 0550 GMT, while U.S. gold futures lost 0.4 percent, at $1,234.60. 

"People are awaiting direction from the minutes of the last FOMC (Federal Open Market Committee) meeting.

If it offers any significant indication that the Fed can raise rates in the next meeting, there will be a negative impact on gold," said Hareesh V, head of research at Geofin Comtrade Ltd.