Gold Dips to $1,318.54 as Investors Await Fed’s Announcement

Investors remained cautious July 30 in anticipation of the Federal Reserve’s two-day meeting starting today, which caused gold prices to fall, Reuters reported. Traders are waiting to hear the policy makers’ decision on the U.S. stimulus program.

Spot gold prices dropped $7.91 to $1,318.54 an ounce today. U.S. gold futures fell even more, by $9.80 to $1,318.50 an ounce, according to the source.

The Fed is expected to release a statement on its meeting Wednesday afternoon.

Gold prices have fallen more than 20 percent this year due to fears the Fed will ease its stimulus program.