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Gold slides ahead of Fed meeting next week

September 13, 2013

NEW YORK (AP) — Precious metals prices fell ahead of a Federal Reserve meeting next week where the bank is expected to consider reducing its economic stimulus.

Gold for December delivery fell $22 to $1,308.60 an ounce Friday. December silver fell 42.9 cents to $21.72 an ounce.

Fed policymakers meet on Tuesday and Wednesday. They’re expected to announce a reduction in the Fed’s bond-buying program, which has kept interest rates low.

Some traders have been buying gold out of fear that the Fed’s program would cause inflation. They are selling it now that the program seems to be winding down and inflation remains tame.

Other metals prices were mixed.

December copper fell 0.65 cent to $3.2035 a pound. October platinum rose $1.80 to $1,444.50 an ounce and December palladium edged up $6.30 to $699.10 an ounce.

The price of oil fell as U.S. and Russian officials held discussions in Geneva aimed at getting Syria to give up its chemical weapons. Benchmark crude for October delivery fell 39 cents to $108.21 a barrel in New York.

Wholesale gasoline rose 1 cent to $2.77 per gallon, natural gas rose 4 cents to $3.68 per 1,000 cubic feet and heating oil was flat at $3.11 per gallon.

Crop prices fell.

Wheat for December delivery fell 11.5 cents to $6.415 a bushel, December corn fell 7.25 cents to $4.59 a bushel and November soybeans fell 14.5 cents to $13.815 a bushel.

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