MUMBAI: India gold futures edged lower on Tuesday, taking a cue from overseas gold prices which fell to a six-week low, analysts said.
International gold prices fell to a six-week low on Tuesday, with the dollar's rise sapping demand as investors waited to see the outcome of the Federal Reserve's two-day policy meeting, which starts later in the day, and its economic outlook.
"This bearishness may continue...everyone is waiting for the Fed meeting decisions," said an analyst with Ventura Commodities Pvt Ltd.
A globally strong dollar weighs on the precious metal's price as much of the country's gold is imported and paid for in the US currency. A strong dollar may also dampen its attraction as an alternative investment.
