The central bank said it will release the results of the new analysis by the end of 2020
All that happened in the markets today
Spot gold was down 1.1% to $1,938.12 per ounce by 0321 GMT. U.S. gold futures slipped 1% to $1,951.30
The BOJ board may also debate how the Federal Reserve's recent shift towards a policy focusing more on jobs
The Fed's decision drew two dissents, one from a policymaker who thought it went too far, and the other from one who thought it didn't go far enough
All that happened in the markets today
Judy Shelton does not currently have the votes to win confirmation in the US Senate, Republican Senator John Thune said Tuesday
The Fed is due to announce its decision on Wednesday, followed by a news conference from Jerome Powell
Gold prices were flat as investors maintained a cautious approach ahead of Fed's policy decision this week and as optimism around a potential Covid-19 vaccine lifted appetite for riskier assets
Jerome Powell said the US jobs report for August was "a good one," but noted that with gains likely to slow, the central bank is planning to keep its foot on the monetary policy gas pedal for years
But once the coronavirus is under better control and unemployment has come down somewhat, he said, the Fed may need to shift its accommodative policies into higher gear
The Fed's new framework noted that policy decisions going forward will be based on the FOMC's estimates of "shortfalls of employment from its maximum level,"
Gold prices rose on Monday to their highest level in nearly two weeks, as US Federal Reserve's new policy framework suggested that interest rates would remain low for some time
Bond and currency markets would increase policy difficulties
Asian markets were mostly higher on Friday after the Federal Reserve said it might keep interest rates low even if inflation rises, in a major overhaul to its strategy. Shares rose in Japan, South Korea, Shanghai and Hong Kong but fell in Sydney. Overnight, the S&P 500 ticked 0.2% higher, further into record territory and closing at 3,484.55, after Federal Reserve chair Jerome Powell said in a speech that it might keep interest rates low to help prop up the pandemic ravaged economy even if inflation rises above its target level of 2%. The hoped for change in the Fed's strategy is a huge deal for markets that have been rescued by central banks slashing short-term interest rates and buying all kinds of bonds. Japan's consumer price index rose 0.3% in July, the government reported, down from 0.6% the month before. The Bank of Japan has kept interest rates near or even below zero for most of the past decade, seeking to spur inflation and entice companies and consumers to spend more. .
Under the new approach, the US central bank will seek to achieve inflation averaging 2% over time, offsetting below-2% periods with higher inflation "for some time"
Gold prices were mostly unchanged after rising more than 1% in the previous session on weaker US dollar, as investors awaited a speech from Federal Reserve Chairman Jerome Powell due later in the day
On Thursday, Fed Chair Jerome Powell begins what may be the tougher task: convincing the public that the central bank can and will deliver in the wake of a pandemic
In New Delhi, prices of 22-carat gold plunged sharply to Rs 51,250 from Rs 51,700 per 10 gram in the previous trade while price of 24-carat was at Rs 54,870
Spot gold was up 0.2% to $1,935.88 per ounce by 0335 GMT. U.S. gold futures gained 0.1% at $1,941.60