Gold prices fall marginally ahead of Fed Reserve meeting

Gold prices fell on Tuesday, before the start of the Federal Reserve's monetary policy meeting, amid anticipation of its decision regarding the asset purchase program linked to COVID-19.

Investors are also following the crisis of the debt-laden Chinese real estate developer, Evergrande. Former New York Federal Reserve Chairman, William Dudley, confirmed that this crisis will not prevent the US central bank from indicating that it is close to reducing asset purchases.

Gold futures contracts for December delivery fell by 0.1% to reach $1,762 per ounce at 09:45am Makkah time. Spot price for the yellow metal gained 0.2% to reach $1,760.58 per ounce.

Elsewhere, silver futures for December delivery rose 0.3% to reach $22.28 an ounce, spot price for platinum delivery gained 0.6% to reach $921.87, while palladium increased 1.3% to reach $1,888.50 per ounce.

The dollar index, which measures the performance of the US currency against a basket of six currencies, decreased by 0.1% to 93.173 points.