Gold Freefalls to $1,366 on Low Volumes

Jun. 18, 2013 05:45AM PST

Gold for August delivery fell on the COMEX in New York $9.615 to $1,373.70 per ounce as the market awaits the U.S. Federal Reserve’s two-day policy meeting that is scheduled to start today.

Gold for August delivery fell on the COMEX in New York $13.69 to $1,369.80 per ounce while the market awaits the US Federal Reserve’s two-day policy meeting that is scheduled to start today. As the US economy has improved over the past six months, gold prices have slid, with today’s spot gold price landing at $1,366 an ounce, an $18.62 drop.

According to Bloomberg, the trading volume of futures on the COMEX at 7:24 a.m. was 37 percent below the average in the past 100 days for that time of day.

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