Gold Prices Drop

Gold prices retreated this morning during the Asian hours as most traders and are focused on the report of Fed on interest rates coming later today.

Gold prices are losing some territory for a fifth consecutive session with traders seemingly unwilling to demonstrated their interest one way or the other ahead of the Fed monetary policy decision.

Now, the yellow metal trades at $1501.89, which is an addition of $0.85 or 0.06% from the previous close of $ 1501.04.

The daily range is from $1500.35 to $1503.51, while the trading volume is 60.34K.

The Fed is more likely to reduce the interest rates to 1.75-2% from the 2-2.25% range.

In fact, the Fed made its first rate cut in more than a decade in July.