Spot Gold Falls to $1,346.29 an Ounce

Gold prices fell as the dollar improved and before the US Federal Reserve began its two-day meeting today.

The spot gold price declined $5.39 to $1,346.29 an ounce, Reuters reported. Spot gold hit its highest level since Sept. 20 yesterday, reaching $1,361.60 an ounce.

Gold futures for December delivery were also down $1 to $1,351.20 an ounce on the COMEX, according to MarketWatch.

The Federal Open Market Committee is expected to announce it will continue its stimulus program at the end of its meeting tomorrow. The Fed will likely wait to see more economic data before tapering the program.

“While the U.S. economy is not currently in danger of slipping back into recession, neither is it accelerating,” said Russ Koesterich, global chief investment strategist at BlackRock, according to MarketWatch.