Spot Gold Down to $1,236.16 an Ounce

Gold fell on Monday ahead of the two-day U.S. Federal Reserve meeting starting tomorrow. Investment interest in the precious metal is soft, Reuters reported, and little gold buying activity took place overnight in Asia. Another factor impacting gold prices was data released this weekend showing India’s gold jewelry exports fell in November.

Spot gold prices were at $1,236.16 an ounce, down $1.24 from the previous session. Gold futures for February delivery, however, were up $2.30 to $1,237 an ounce.

Analysts said gold prices could end the year around $1,300 an ounce if the Fed decides to maintain its stimulus program, CNBC reported. However, if the Fed decides at its meeting to pull back on the program, gold may fall to $1,200 an ounce.