Gold falls below $4,000 ahead of Fed meeting

Gold bars

Gold futures prices fell as markets awaited the start of the US Federal Reserve’s policy meeting today to decide on interest rates.

Gold futures for December delivery dropped on Tuesday 0.75%, or $30.2, to $3,989.5 per ounce.

Spot gold slipped 0.25% to $3,972.52 per ounce, while silver fell 0.45% to $46.68 per ounce.

The US dollar index, which measures the greenback’s performance against a basket of six major currencies, edged down 0.2% to 98.58 points as of 8:02 a.m. Makkah time.

December silver futures fell 0.2% to $46.69 per ounce. Spot platinum declined 0.3% to $1,584.57 per ounce, while palladium rose 1.3% to $1,419.08.

With expectations mounting that the Federal Reserve will cut interest rates at the conclusion of its meeting on Wednesday, investors are awaiting remarks from Fed Chair Jerome Powell for clues on the future direction of monetary policy.