Gold Prices Drop Amid Expectations of Fed Rate Freeze

Gold prices have fallen due to profit-taking by investors amid expectations that the US Federal Reserve will keep interest rates unchanged at its September meeting.

The price of spot gold decreased by 0.5% to $4,330.37 per ounce, while US gold futures for December delivery declined by 0.8% to $4,386.80.

This decline comes after gold had climbed to its highest level since June 5 on Thursday, only to retreat 1.3% and erase its weekly gains.