Gold Edges Down to $1,388.53

Gold prices fell slightly Sept. 9 due to speculation the US Federal Reserve will still taper its stimulus program, despite weaker than expected US jobs data reported last week.

Spot gold prices were at $1,388.53 an ounce, a drop of $2.78, Reuters reported. Gold futures were also down $1.30 to $1,387.80 an ounce.

The federal bond-buying program drives prices for the precious metal higher. However, fears the program will be scaled back has impacted gold throughout the year — pushing it down 17 percent so far this year.