Gold prices end lower as Fed meeting looms, U.S. stocks rally

Gold futures settled Tuesday with a modest decline as investors turned their attention to a rally in the U.S. stock market ahead of the Federal Reserve’s monetary-policy meeting next week.

The meeting may determine the direction of the dollar and dollar-denominated commodities like gold.

Demand from Asian buyers helped keep a cap on any losses for gold with recent data showing that China bought 16 tons of the yellow metal in August, after purchasing 19 tons in July. The U.S. dollar DXY, +0.27%  also weakened a bit Tuesday, giving dollar-denominated gold prices some added support.

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