Gold Drops to $1,263.60 an Ounce Ahead of Fed Meeting

This morning, gold dropped 0.4 percent, or $5.05, to $1,263.60 per ounce, according to Reuters. Meanwhile, US gold futures for February delivery sat at $1,263.70.

Overnight, the yellow metal had reached 10-week highs, but as traders cashed in their gains in anticipation of this week’s US Federal Reserve meeting, its price declined. When the Fed reduced its monetary stimulus in late 2013, the news boosted the dollar and mitigated demand for precious metals like gold.