Gold retreats further on eve of Fed decision, copper rises

Gold prices edged lower on Tuesday, extending losses into a fourth straight session as markets hunkered down before a Federal Reserve meeting this week, while copper saw some strength as focus remained on Chinese stimulus measures.

Strength in the dollar and Treasury yields also pressured metal prices, as investors pivoted into the greenback in anticipation of the Fed meeting.

The recent losses saw gold pullback towards the $1,950 an ounce level, which is expected to be tested as a support as markets fret over the upcoming Fed decision.

Spot gold fell slightly to $1,954.34 an ounce, while gold futures expiring in August fell 0.3% to $1,955.75 an ounce by 20:08 ET (00:08 GMT).