Gold Prices Slide After Early Session High of $1,256.49

A lack of physical demand for gold and investors’ fears over the future of the U.S. Federal Reserve’s stimulus program caused prices of the precious metal to fall November 26.

Spot gold prices were at $1,245.51 an ounce today, down $6.23 from the previous session, Reuters reported. However, earlier in today’s session, gold prices hit a one-week high of $1,256.49 an ounce.

Investors are waiting on new U.S. employment data, expected next week, which could signal when the Fed will begin trimming its stimulus. Positive jobs data could mean tapering beginning next month.

Gold futures for December delivery held their ground in New York this morning, gaining $3.10 to reach $1,244.30 an ounce, according to The Wall Street Journal.