Gold and Silver Prices Slide as Investors Await Federal Reserve's Decision

In anticipation of the United States Federal Reserve's upcoming two-day policy meeting, spot gold experienced a significant decline, dropping over 1% on Monday. This movement comes as US central bank officials have hinted at maintaining interest rates within the 4.25% to 4.5% range, a stance that may have deterred investors from gold, which does not offer interest yields.

Specifically, gold prices fell by 1.10%, settling at $2,741.84 per ounce. Similarly, silver saw a decrease of 1.05%, with prices at $30.33 per ounce. The precious metals market also witnessed downturns in platinum and palladium prices, which fell by 0.40% and 2.67% respectively, trading at $948.04 and $953.26 per ounce.