Gold Falls to $1,298 Ahead of Fed Meeting Result

Gold prices fell Sept. 18 to a six-week low, with spot gold hitting $1,298 an ounce – a drop of $11.68 from the previous session, Reuters reported.

U.S gold futures for December delivery reached a low of $1,297.70 an ounce, according to Bloomberg.

Investors remained cautious today, awaiting news from the US Federal Reserve about its stimulus program. The Fed’s two-day meeting continues today, but many speculate policy makers will decide to scale back the bond-buying program.

“It’s a monumental decision as it will tell the world that the Fed sees the economy doing well,”David Morgan, a precious-metals consultant, told Bloomberg. “Gold will continue to trade weak.”