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Spot gold fell 0.3 percent to $1,328.86 an ounce by 0015 GMT, after a 3 percent gain last week. U.S. gold gained almost $8 to $1,329.00.
Bullion has lost a fifth of its value this year as signs of an economic recovery in the United States and signals from the Fed suggested the bank may scale back its $85 billion monthly bond purchases. But recent comments from the Fed have
reassured investors, pushing gold up for three straight weeks.
The Fed's two-day policy meeting kicks off on Tuesday.
The Bank of England and European Central Bank also hold policy meetings this week.
Although spot gold gained 3 percent last week, its sharp tumble on Wednesday sent a bearish signal to many technical analysts, suggesting that the precious metal may slide further toward three-year lows.
Hedge funds and money managers raised their bullish bets in gold futures and options to a four-month high last week, boosted by speculation the Federal Reserve will keep interest rates low for longer, a report by the Commodity Futures Trading Commission showed on Friday.
Russia, Ukraine and Azerbaijan are among eight countries that increased their gold holdings in June, data from the International Monetary Fund shows, reflecting strong interest on the part of emerging economies to own gold as part of their reserves.
Stewart Murray, chief executive of the London Bullion Market Association (LBMA), said on Friday he would retire in the fourth quarter after 14 years in the post.
JPMorgan Chase & Co is exiting physical commodities trading, the bank said in a surprise statement on Friday, as Wall Street's role in the trading of raw materials comes under unprecedented political and regulatory pressure.
Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 8:43 AM
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