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* Fed and ECB outlook easing their efforts to support global equities
* SPDR Gold Holdings up 0.6% Monday
* The dollar reaches a peak of one week
* Spot gold can fall between $ 1,401 and $ 1,409 / oz range – techs (Adds comments, details and updates prices)
By Brijesh Patel
July 23 (Reuters) – Gold prices fell on Tuesday as the dollar firmed and some investors made profits before the US Federal Reserve meeting next week.
Spot gold was down 0.5% to $ 1,417.80 ounce, from 0402 GMT. Gold futures in the US fell 0.6% to $ 1,418.40 an ounce.
"Last week, the Federal Reserve discussed much of the rate cuts, the market consensus was a little overwhelming and pushed prices far," said Benjamin Lu, an badyst at Phillip Futures.
"Expect the gold to trade a little lower, but hold it above the $ 1,400 level, the consensus going in the direction of a rate cut."
Weighing on the attraction of bullion, the dollar index rose 0.2% to its highest level in a week, making gold expensive for holders of other currencies.
The price of gold briefly surpbaded the $ 1,450 mark for the first time in more than six years last week, after New York Fed President John Williams reinforced hopes for the future. 39, aggressive rate reduction.
However, the New York Fed said the speech was not about a potential action at the next meeting.
The US central bank is expected to lower interest rates significantly at its July 31 meeting, but expectations of a larger 50 basis point cut have soared due to mixed signals from Fed policymakers.
"The market has forecast a reduction of 25 basis points, but a reduction of 50 points is still possible, even though Fed members have criticized the likelihood of a sharp drop in July," said Alfonso Esparza, Senior Market Analyst at OANDA. a note.
Markets also expect the European Central Bank (ECB) to announce easier monetary policy at its meeting on Thursday.
Policy easing expectations from major central banks spurred equities globally, reducing the demand for unproductive ingots.
Meanwhile, Sterling was under pressure because of the likelihood that the British Conservative party would elect Boris Johnson as the new leader and prime minister, replacing Theresa May. The result of the internal elections of the party, which last several weeks, will be announced Tuesday.
The badets of SPDR Gold Trust, the largest gold-backed exchange-traded fund in the world, rose 0.57% to 825.18 tonnes on Monday from Friday.
Technically, spot gold could be in the range of $ 1,401 to $ 1,409 an ounce because it broke a support at $ 1,422, according to the technical badyst. Reuters, Wang Tao.
Among the other precious metals, silver fell 0.7% to settle at $ 16.23 an ounce and platinum declined 0.4% to establish at $ 841.
Palladium plunged 0.6% to $ 1,519.01 an ounce. (Report by Brijesh Patel in Bengaluru, edited by Subhranshu Sahu)
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