Gold futures ended lower Tuesday, while crude oil finished in the green as optimism grabbed investors across global markets, diminishing the yellow metal's safe haven appeal.
Investors were hopeful for more stimulus from the Reserve after a 2-day policy meeting, which concludes Wednesday. Fed Chairman Ben Bernanke is scheduled to hold a press conference on Wednesday.
Traders are hoping that the Fed will either launch another round of quantitative easing, or extend the so-called Operation Twist.
Meanwhile, a Spanish bond auction was relatively well-received, though the yield on the benchmark Spanish notes remained above the dangerous 7% level. Earlier Tuesday, the Spanish government managed to sell more than expected at the debt auction.
Gold for August delivery retreated $3.80, or 0.2%, to $1,623.20 an ounce on the Comex division of the New York Mercantile Exchange.
Crude-oil for July delivery rose 76 cents, or 0.9%, to end at $84.03 a barrel on the New York Mercantile Exchange.
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