Gold was slightly higher on Tuesday, just up from its lowest in nearly five months in the previous session, and ahead of the start of a two-day U.S. Federal Reserve meeting. Spot gold rose 0.2 percent to $1,244.30 an ounce by 0350 GMT, after hitting its lowest since July 20 at $1240.10 on Monday.
U.S. gold futures fell 0.1 percent to $1,246 an ounce. The overnight drop I suspect is continued long liquidation as evidenced in the weekends Commitment of Traders Report, senior market analyst.
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