Gold dips under $1,200 ahead of Fed meeting

Gold prices lost ground Tuesday, erasing early gains that followed worldwide turbulence briefly triggered by hand-wringing over Russia’s rapidly tumbling ruble.

Gold for February delivery GCG5, +0.33%  settled down $13.40, or 1.1%, at $1,194.30 an ounce. The contract jumped above $1,220 early Tuesday as U.S. stocks slumped, but it then turned negative while equities pared their early losses.