Gold Price Falls to $1,196.33

Gold price activity has been relatively stagnant as investors await news from the latest U.S. Federal Reserve monetary policy meeting, according to iNVEZZ.com.

The spot gold price fell by $0.48, or 0.1 percent, to reach $1,196.33 an ounce.

“Everyone’s waiting to see if the Fed will keep or abandon its commitment to low rates for a considerable time, which will affect the dollar and hence precious metals …,” Bloomberg quoted Nanhua Futures Co. analyst Xia Yingying as saying.

Meanwhile, the U.S. gold price for February delivery increased $2.90, or 0.24 percent, to reach $1,198.20 on the Comex.