Gold futures edge lower ahead of FOMC meet

Gold futures edged lower on Monday, ahead of the two-day Federal Open Market Committee meet. Further, upbeat report on US home sales blew past expectations and fueled demand for the precious metal, which tends to trade inversely with gold. The investors also mulled over the growing tensions between Russia and the West with the US announcing additional sanctions against Moscow. Gold futures for June delivery settled down $1.80 at $1,299 an ounce on the Comex division of the New York Mercantile Exchange. While spot gold fell 0.5 percent at $1,295.79 an ounce.