Gold futures were trading lower in the domestic market on Tuesday as investors and speculators exited positions in the precious metal ahead of the beginning of the US Federal Reserve's two-day monetary policy meeting today where the central bank is tipped to continue paring its monthly bond buying program at the current pace amid an improvement in the world's biggest economy, dimming the appeal of the bullion, a hedge against the inflationary risk of monetary stimulus.
The Fed is tipped to reduce QE by another USD 10 billion tomorrow, according to analysts'.
Gold futures for June 2014 contract, at MCX, is trading at Rs. 28,786 per 10 grams, down by 0.64 per cent, after opening at Rs. 28,902, against the previous closing price of Rs 28,970. It touched an intra-day low of Rs 28,767. (At 11:03 AM).