By Gina Lee

Investing.com – Gold was down on Tuesday morning in Asia, after falling to a near one-month low during the previous session. Investors now await a U.S. Federal Reserve  for further clues on inflation and the central bank’s future monetary policy.

edged down 0.12% to $1,863.60 by 12:11 AM ET (4:11 AM GMT).

The , which usually moves inversely to gold, inched down on Tuesday and benchmark slipped below 1.50% to near a three-month low.

The Fed will open its two-day policy meeting later in the day, with its latest decision to be handed down on Wednesday.

U.S. consumer prices data, including the , released earlier in the month, also gave the yellow metal a boost.

However, mounting inflation concerns could mean an earlier-than-expected asset tapering. Investors are widely expecting such an announcement in the next quarter even as recovery in the U.S. job market remains uneven.

For only the second time in less than a decade, the Fed will debate when and how to sunset its unprecedented asset-purchase program that has cushioned the U.S. economy during COVID-19.

Investors also await the U.S. , alongside and figures, to be released later in the day.

In Asia Pacific, the released the minutes from its latest meeting earlier in the day. Elsewhere in the region, the is due to hand down its policy decision on Friday.

In Europe, the and will hand down their policy decisions on Thursday.

In other precious metals, silver inched up 0.1%, palladium was steady at $2,751.68 and platinum edged up 0.2%.