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Gold up as dollar eases, markets eye Fed meet

Gold traded up from its lowest in over two weeks as the dollar shed some of its gains from the previous session, with market focus on a two-day US Federal Reserve meeting that kicks off later on Tuesday.

Spot gold was up 0.2% at USD 1,308.86 an ounce by 0044 GMT, after dropping to its lowest level since August 31 at USD 1,304.10 in the previous session. US gold futures for December delivery up 0.1% to USD 1,312.60 an ounce.

The dollar index, which measures the greenback against a basket of currencies was down 0.1% at 91.924. It eased 0.1% versus the yen after marking its highest since July 27 overnight.

The central bank is set to announce the start of a plan to trim its USD 4.5 trillion portfolio of assets on Wednesday, much of it amassed in response to the 2007-2009 financial collapse, marking another milestone in bringing to an end the crisis-era measures.

The US military staged bombing drills with South Korea over the Korean peninsula and Russia and China began naval exercises ahead of a UN General Assembly meeting on Tuesday where North Korea’s nuclear threat is likely to loom large.