Gold reversed early gains on Tuesday, dropping despite a decline in dollar and equities, as investors remained cautious ahead of policy meetings this week at the Bank of Japan and the US Federal Reserve, Reuters reported. The US dollar fell versus the yen as traders took profits from the greenback’s recent rally against the Japanese currency. Expectations of a dovish Fed also hurt the dollar. Spot gold eased 0.3% to $1,234.16 per ounce after gaining 0.3% earlier in the session. HSBC analyst James Steel said he expects gold to reach $1,300 this year.
