Gold Prices Slump to $1,314.54 an Ounce

For the fourth consecutive session, gold prices fell Sept. 24 due to continued uncertainty about the Federal Reserve’s stimulus program. The precious metal has fallen 3.2 percent in the last three sessions as investors fear the Fed will begin tapering the monthly bond buying program in October, Reuters reported.

Spot gold prices were at $1,314.54 an ounce, down $7.89, according to the source. Gold futures for December delivery also declined in New York $11.60 to $1,315.40 an ounce.

The Fed’s next move will continue to weigh on gold prices, a report from Commerzbank AG said, according to Bloomberg.

“The debate about whether the U.S. Federal Reserve may begin scaling back its bond purchases when it next meets at the end of October is continuing to weigh on the price,” the report said. “The gold price is therefore likely to continue to tumble towards the $1,300 mark.”