Investing.com - Gold prices dipped in Asia on profit taking and ahead of a key Federal Reserve announcement on monetary policy this week.
On the Comex division of the New York Mercantile Exchange, gold futures for December delivery traded at $1,233.50 a troy ounce, down 0.13%, after hitting an overnight session low of $1,226.40 and off a high of $1,239.00.
Overnight, gold prices rose after mixed U.S. data gave investors room to snap up nicely-priced positions in the commodity.
In a report, the Federal Reserve Bank of New York said that its general business conditions index increased to a five-year high of 27.5 this month from 14.7 in August. Analysts had expected the index to rise to 16.0 in September.
A separate report showed that U.S. industrial production fell 0.1% last month, disappointing forecasts for a 0.3% gain. Industrial production for July was revised down to a gain of 0.2% from a previously reported increase of 0.4%.
The Fed will announce its latest statement on monetary policy this Wednesday, and expectations for the U.S. central bank to cut its monthly bond-buying program to $15 billion from $25 billion gave the dollar some support on Monday, which watered down the yellow metal's advance.
Gold and the dollar tend to trade inversely with one another.
Investors were also hoping to see a timetable as to when U.S. interest rates may rise.
Silver for December delivery was up 0.18% at $18.653 a troy ounce. Copper futures for December delivery were down 0.11% at $3.084 a pound.