02:00 PM EST, 12/17/2024 (MT Newswires) -- (Updates prices.)

Gold prices weakened for a fourth-straight session mid-afternoon on Tuesday as the dollar steadied ahead of Wednesday's interest-rate decision from the Federal Reserve's policy committee while November U.S. retail sales were better than expected.

Gold for February delivery was last seen down US$7.90 to US$2,662.10 per ounce.

The Federal Open Market Committee will end its two-day meeting on Wednesday afternoon, with the group widely expected to cut interest rates by 25 basis points.

The latest sign of a robust U.S. economy came on Tuesday, as the U.S. Census Bureau reported retail sales rose by 0.7% in November from the prior month, a 3.8% annualized pace, ahead of the consensus estimate for a 0.5% monthly rise, according to Marketwatch. However excluding gasoline and automobile sales, spending rose 0.2% from the prior month, under expectations for a 0.3% rise.

The dollar held firm following the data, with the ICE dollar index last seen down 0.01 points to 106.85.

Treasury yields were lower, with the U.S. two-year note last seen paying 4.245%, down 1.9 basis points, while the yield on the 10-year note was down 2.2 points to 4.383%.