Gold prices fall to lowest since 2020 in anticipation of Fed decisions

Gold prices on September 16 morning remained at the lowest level since April 2020 at $1,670 per troy ounce, as markets continue to evaluate the prospects for the US Federal Reserve System (FRS) rate, Report informs referring to the auction data.

The price of December futures for gold on the New York Comex exchange fell by $5.55, or 0.33%, to $1,671.75 per troy ounce. A day earlier, the price dropped to $1,668.9, the lowest since April 2020. December silver futures fell 0.76% to $19.122 an ounce.

On September 15, the price of gold fell by 1.9%, as markets expected the Fed to maintain tight monetary policy based on incoming statistics. Thus, the number of initial applications for unemployment benefits in the US for the week of September 10 unexpectedly decreased and amounted to 213,000 with a forecast of 226,000.