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Gold prices closed lower again on Monday, but bounced back above $1,000. Traders focused on the upcoming Federal Reserve meeting and the G20 Summit.
December gold fell to $1,003.70, down $10.80 on the session. Prices touched as low as $996.30 earlier in the session, losing the $1,000 mark for the first time in a week.
The dollar gave back most of an early rally after moving to a six-day high against the euro and remained near a three-week high against the struggling pound. Gold usually moves opposite the dollar because of its hedge value.
The metal fell for the third straight session as profit-takers collected on a recent surge. Last week, gold posting a record closing high of $1,020.20 per ounce.
The metal hit as high as $1,025.80, approaching the record $1,033.90 reached in March 2008. When adjusted for inflation, however, gold moved near $2,000 back in 1980.
The Federal Open Market Committee begins its two-day policy meeting on Tuesday. Rates are expected to remain near zero when the decision is announced Wednesday afternoon.
Leaders of group of 20 member nations will meet in Pittsburgh on September Thursday and Friday.
The Federal Housing Finance Agency House Price Index for August is due at 10 a.m. ET tomorrow. A rise of 0.5% is forecast, same as last month.
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