Gold prices drop marginally ahead of Fed Reserve meeting results

Gold prices fell marginally on Wednesday as markets focused on the Federal Reserve meeting, as investors hoped to learn about the bank's plans to tackle rising inflation and allay concerns about the economy's recovery from COVID-19.

The Federal Reserve is expected to reveal today, Nov. 3, the timetable for reducing bond purchases, amid calls from a number of bank members to finish the stimulus by the middle of next year.

On the other hand, data released today morning in China revealed the continued growth of the service sector, as the purchasing managers' index (PMI) rose to 53.8 points, exceeding market expectations by recording only 53.0 points, which reduced concerns about the slowdown in the Chinese economy.

Gold futures contracts for December delivery fell slightly to reach $1,782.6 per ounce at 11:09 am GMT. Spot price for the yellow metal fell marginally by 0.29% to reach $1,782.5 per ounce.

Elsewhere, silver futures for December delivery rose slightly by 0.12% to reach $23.54 an ounce. Spot price for platinum delivery rose 0.42% to reach $1,045.7, while palladium gained 0.74% to reach $2,029.04 per ounce.