Gold
Gold prices fell 0.4 percent to $1,270.40 an ounce on Tuesday, headed for a second-straight monthly decline, as the U.S. dollar was firm for much of the session and precious metals investors turned cautious ahead of central bank meetings this week, U.S. payrolls data and the announcement of the next U.S. Federal Reserve chair.
The Fed started a two-day policy meeting during Tuesday's session with speculation mounting that Trump will pick Fed Governor Jerome Powell as the next head of the U.S. central bank on Thursday. But interest rate hike is unlikely in this meeting.
Powell is seen as more dovish than other contenders for the post, such as Stanford University economist John Taylor. Somebody from within the Fed, even if they’re more dovish, might be less bullish for gold, because they would be seen as being better suited to manage monetary policy.
The Fed is scheduled to release its statement following its meeting on Wednesday at 2 p.m. EDT. Market participants were awaiting the Bank of England policy meeting on Thursday and more data, including U.S. payrolls figures on Friday. Volatility is expected to pick up later this week.

Silver
Silver fell 0.7 percent to $16.71 an ounce, headed for a second-straight monthly decline. On chart, silver slipped for three weeks in a row, approaching the lower end of current trading range at $16.5, a level that saw five bottoms-up in the past one year. On trading strategy, market bulls is expected to cash in high profits by building long positions at lows with support at $15.5.

 
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