Gold dropped as a stronger dollar and rising U.S. interest rates continue to weigh, pushing speculators to hold record short or sell positions.
The U.S. Federal Reserve begins its two-day monetary policy meeting; the central bank is largely expected to stand pat on monetary policy.
The U.S. central bank has raised benchmark lending rates twice this year and markets expected two more hikes by the end of 2018.
Hedge funds and money managers increased their net short position in COMEX gold contracts to their highest since 2006, in the week to July 24, CFTC data showed.
Subscribe now for best Bank Nifty Options and Stock Market Live
For quick free trial click here > 911 133 9000