Gold prices slip ahead of Federal Reserve meeting


Gold prices are settling lower as traders look ahead to a Federal Reserve policy meeting this week.

Gold dipped $1.80 to settle at $1,299 an ounce on Monday. Silver slipped 10 cents to $19.59 an ounce.

The Fed starts its two-day policy meeting Tuesday. When it’s finished, the Fed is expected to continue scaling back its support for the economy. Gold prices have dropped as the Fed has pulled back on its bond-buying program.

A surprise move from the Fed could jolt the price of gold.

Other metals were slightly lower. Platinum sank $4.60 to $1,419.70 an ounce, while palladium lost $10.50 to $800.70. Copper was unchanged at $3.09 a pound.

In other trading, agricultural contracts were little changed. Crude oil rose 24 cents to $100.84 a barrel.