Gold declines ahead of US Federal Reserve’s monetary policy ‎decision

Gold prices fell today, Wednesday, as investors awaited the monetary policy decision of the Federal Reserve (the US Central Bank) later today, Wednesday, after concerns about the conflict in the Middle East strengthened the prices of the yellow metal, which is considered a safe haven, to exceed two thousand dollars per ounce last month.

By 0351 GMT, gold in spot transactions fell 0.2% to $1,978.36 per ounce, while US gold futures fell 0.4% to $1,987.00.

The price of gold in spot transactions recorded a 7.3 percent jump in October, reaching its highest level in more than five months at $2,009.29 last week.

Christopher Wong, executive director and foreign exchange market expert at the Bank of England, said that the market pushed prices above $2,000, but they returned to decline, and they tried to rise again, but they were not very successful.

He added that the main factor in the market is the conflict in the Middle East and the possibility of escalation as other parties join the war

Markets are now awaiting the outcome of the Federal Reserve’s monetary policy meeting, which will conclude later today, Wednesday, followed by the US monthly jobs report on Friday.

As for other precious metals, silver fell in spot transactions by 1% to $22.662 per ounce. Platinum fell 0.6% to $927.77, and palladium rose 0.5% to $1,120.91.