London — Gold prices edged lower on Tuesday as the dollar strengthened ahead of a meeting of the Federal Reserve at which the US central bank is expected to raise interest rates for the first time this year. The looming Fed meeting has helped push gold down nearly 4% from a one-and-a-half-year high in January. Higher interest rates are negative for gold because they raise bond yields, reducing the appeal of non-yielding bullion, and tend to boost the dollar, making gold more expensive for users of other currencies. Spot gold was down 0.3% at $1,312.97/oz at 10.02am GMT, while the dollar was slightly stronger against a basket of major currencies. US gold futures for April delivery were 0.4% lower at $1,312.50/oz. "The market has fully priced in a rate hike," Saxo Bank analyst Ole Hansen said. Investors were instead looking ahead to guidance on the pace of future rate increases, with the Fed likely to take a cautious approach that would help lift gold prices, he said. "With inflation ...

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