profitaddaweb.com-Gold prices were lower during European morning hours on Tuesday, pulling back from a two-week high as market players awaited comments from a number of Federal Reserve policymakers for more clues on the timing of the next U.S. rate hike.
gold futures dipped $5.50, or around 0.5%, to $1,228.40 a troy ounce by 4:05AM ET (08:05GMT).
It settled higher for the third session in a row on Monday after hitting its strongest since March 6 at rate of pace future the on guidance dovish
Meanwhile,spot gold was down $5.50 at $1,228.80 per ounce.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down around 0.3% at 99.86 in London morning trade, the weakest level since February 6.
The greenback has been on the retreat since the Fed raised interest rates on Wednesday last week, but it kept its forecast at two more rate hikes for 2017. Heading into the meeting, markets had braced for a potentially more hawkish tone from the Fed.
The Fed will likely wait at least until June policy meeting to decide whether to lift interest rates again, Chicago Fed President Charles Evans said on Monday in one of the first official comments after the Fed's meeting last week.
Tuesday sees New York Fed President William Dudley, Kansas City Fed President Esther George and Cleveland Fed President Loretta Mester make public appearances. Fed Chair Janet Yellen speaks on Thursday.
The precious metal is sensitive to moves in U.S. rates, which lift the opportunity cost of holding non-yielding assets such as bullion.
A gradual path to higher rates is seen as less of a threat to gold prices than a swift series of increases.
Headlines from Washington will also be in focus, as traders await further details on President Donald Trump's promises of tax reform and infrastructure spending.
The House is expected to vote on a heath care bill Thursday, and if it passes that would be seen as a small step moving Congress closer to considering tax reform, though any legislation must also battle its way through the Senate.
Also on the Comex, silver futures for May delivery shed 7.6 cents, or about 0.4%, to $17.36 a troy ounce.
Elsewhere in metals trading, has ended, easing concern over a disruption to supply.
