Gold futures declined Monday, with strength in the U.S. stock market fueling the precious metal’s settlement below the psychologically important level of $1,500 an ounce. Traders awaited this week’s Federal Reserve policy meeting, which could determine trading for a number of assets, including bullion.
Gold for December delivery on Comex fell $9.50, or 0.6%, to settle at $1,495.80 an ounce, with prices finishing below $1,500 for the first time since Wednesday. December silver edged down 5 cents, or 0.3%, to $17.876 an ounce.
The Fed is widely expected to deliver another quarter-point cut to its benchmark interest rate when policy makers conclude a two-day meeting on Wednesday.