Khaberni - Gold prices dropped below $4000 per ounce (ounce) on Monday as demand for safe havens subsided amid hopes of easing trade tensions between the United States and China, at a time when traders are anticipating this week's Federal Reserve (Central Bank of the USA) meeting regarding monetary policy.
By 1413 GMT, gold in spot transactions fell 2.9% to $3990.89 an ounce, while US gold futures for December delivery dropped 3.2% to $4005.20 an ounce.
Jeffrey Christian, managing partner at (C.P.M. Group), said that gold is experiencing a sell-off alongside an "additional decrease due to subsiding trade tensions that pushed the prices from $3800 to $4400 during the first three weeks of October."
The price of gold reached its all-time high at $4381.21 an ounce on October 20, but it declined 3.2% last week following indications of easing trade tensions between the world's two largest economies.
