Gold and Silver Prices Drop Ahead of Federal Reserve Meeting

As the United States Federal Reserve gears up for its two-day policy meeting, spot gold has seen a significant decline, dropping over 1% on Monday. Investors are closely watching the Fed's decision, with expectations that interest rates will remain steady at 4.25% to 4.5%. This anticipated decision has led to a decrease in gold's appeal, as it offers no yield in a high-interest-rate environment.

Gold prices fell by 1.10% to $2,741.84 per ounce, while silver also saw a decrease of 1.05%, trading at $30.33 per ounce. Platinum and palladium weren't spared either, with platinum prices dropping by 0.40% to $948.04 per ounce and palladium experiencing a sharp decline of 2.67% to $953.26 per ounce.