Moderate losses for bullions

Investors await the outcome of the Federal Reserve's two-day meeting on monetary policy

Bullion prices ended lower on Tuesday, 16 June 2015. Gold futures settled lower Tuesday, giving up most of their gains from a day earlier as investors awaited the outcome of the Federal Reserve's two-day meeting on monetary policy.

Gold for August delivery at Comex fell $4.90, or 0.4%, to settle at $1,180.90 an ounce. Prices settled with a gain of 0.6% on Monday.

July silver lost 11.8 cents, or 0.7%, to $15.965 an ounce after tacking on 1.6% a day earlier.

The Federal Reserve's Open Market Committee (FOMC) began its meeting on U.S. monetary policy Tuesday morning. The meeting ends Wednesday afternoon with a statement that includes new economic projections and will be followed by a press conference from Fed Chair Janet Yellen. The Fed's rate-setting Federal Open Market Committee will conclude its two-day meeting on Wednesday. The central bank is expected to leave interest rates unchanged, but investors expect clues on the timing of a widely anticipated rate hike.

European stock markets were lower Tuesday, pressured in part by the Greece-EU debt negotiations that broke down Sunday. The IMF pulled out of the talks last week. Reports say Greece's prime minister will try to deal directly with European Union leaders on the matter, starting with a Euro zone member meeting on Thursday. Greek bond yields have pushed higher and are now trading above 29% for the two-year note. This compares with the safe-haven German bund that now sees the 10-year issue trading at 0.78%.

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