Gold at 2-Week Low of $1,368

Spot gold prices fell more than $17 June 11 to $1,368.61 an ounce. Gold futures for August delivery were also down today to $1,368.20 – a dip of nearly $18, Reuters reported.

Prices of the metal were pushed lower after the Bank of Japan decided not to extend its stimulus program, according to the source. Gold had already been affected by news the U.S. Federal Reserve could slow its stimulus program. U.S. payrolls data, which proved to be stronger than many had predicted, have also caused gold prices to fall recently.

“The market is coming around to the view that the Fed will taper quantitative easing,” Societe Generale analyst Robin Bhar told Reuters. “The fact that the economy seems to be creating jobs, as we saw with the payrolls report on Friday, makes Fed tapering more likely than not.”

Gold prices are now at a two-week low.