Gold Edges Down

Gold inched lower on Monday as investors remained cautious ahead of policy meetings of three major central banks, while keeping an eye on the appointment of the next US Federal Reserve chair. The market is awaiting cues from the meetings of the Federal Open Market Committee (FOMC) and central banks of England and Japan this week, Reuters reported. Spot gold dipped 0.3%, to $1,269.23 per ounce. US gold futures for December delivery were down 0.1%, to $1,270.10. Spot gold may bounce moderately to a resistance at $1,278 per ounce before falling again, according to Reuters technical analyst Wang Tao. Hedge funds and money managers cut their net long positions in COMEX gold contracts for the sixth straight week, in the week to Oct. 24, US Commodity Futures Trading Commission data showed on Friday. Among other precious metals, silver slipped 0.7% to $16.72 an ounce. Platinum dipped 0.2% to $912.70 an ounce, while palladium rose 0.4% to $969.22 an ounce.