Gold prices fall amid anticipation of Fed’s decision on asset purchases

Gold prices fell on Thursday, as investors awaited an official announcement by the Federal Reserve on when it will start reducing its asset purchases, as it holds its monetary policy meeting next week.

The Fed wants to reduce urgent measures related to the pandemic, which will have negative repercussions on gold in the medium term, Reuters reported, citing SPI Asset Management.

Gold futures contracts for December delivery fell 0.5% to reach $1,785.70 per ounce at 09:35am Makkah time. Spot price for the yellow metal declined 0.4% to reach $1,786.94 per ounce.

Elsewhere, silver futures for December delivery fell 0.8% to reach $23.61 an ounce, spot price for platinum delivery declined 0.5% to reach $945.26, while palladium decreased 0.5% to reach $2,001.50 per ounce.

Later today, Sept. 16, the US will reveal unemployment claims data for last week amid expectations of 325,000, as well as the retail sales data for August, amid expectations of a decline of 0.7%.