Gold futures settle at one-week low

CHICAGO, Mar 19 (Xinhua): Gold futures on the COMEX division of the New York Mercantile Exchange fell Tuesday to settle at their lowest level in a week, amid another rally in US equities.
The most active gold contract for April delivery fell 13.9 US dollars, or 1.01 per cent, to settle at 1,359 dollars per ounce, the lowest settlement since March 11.
With geopolitical concerns easing and US equities rallying, gold speculators have good excuse to take profit at these elevated levels, market analysts said. However, some analysts believe there would be no further sharp falls for gold as the Russia and Ukraine story is unlikely to go away in the short term.
Gold traders have turned much of their attention to the two-day US Federal Open Market Committee meeting.
It is highly anticipated that Fed Chairwoman Janet Yellen will keep the tapering process moving forward and investors will be looking at every word for guidance on how recent global events and bad winter weather might impact the economy and the Fed's potential response. The Fed's decision will be announced Wednesday afternoon after gold trading on COMEX closes.