Gold retreated after gaining on Monday as traders look to this week's US central bank meeting for more clues on when it may pivot to monetary easing.

While the Federal Reserve's decision on Wednesday is widely expected to see borrowing costs kept steady for a seventh consecutive meeting, there's less certainty on the projections of top policymakers from their so-called dot plot. A Bloomberg survey shows 41% of economists expect the central bank to signal two cuts, while an equal percentage forecast either one cut or none at all.

Bullion moved back above $2,300 an ounce after plunging 3.5% on Friday — the biggest one-day decline since November 2020 —  as strength in a US jobs report prompted traders to pull back bets on interest-rate cuts. Higher rates are generally negative for non-interest bearing gold.

Spot gold dropped 0.3% to $2,303.05 an ounce by 10:01 a.m. in Singapore. The Bloomberg Dollar Spot Index edged up 0.1%. Silver, platinum and palladium all fell.

Source : Bloomberg