26.10.202110:40:00UTC+00Gold Dips As Dollar Firms Up

Gold prices were moving lower on Tuesday as the dollar firmed up ahead of key central bank meetings this week.

Spot gold dropped 0.3 percent to $1,802.37 per ounce, while U.S. gold futures were down 0.2 percent at $1,803.80.

The European Central Bank (ECB) is expected to take a dovish stance when it meets on Thursday.

Central bank meetings in Japan and Canada are also scheduled this week.

The U.S. Federal Reserve meets next week and it is likely that the U.S. central bank will announce plans to begin scaling back its asset purchase program.

Elsewhere, money markets are pricing in a rate hike by the Bank of England at its Nov. 4 meeting,

U.K. bond yields continued to surge with the 10-year yield above 29-month highs, boosting demand for the British pound, which hit a new 2021 high against the euro today.

On the economic front, U.S. consumer confidence index for October, new home sales for September, FHFA's house price index and S&P/Case-Shiller home price index for August will be out in the New York session.