Gold prices fell during early Wednesday trading, as investors awaited the monetary policy decision of the Federal Reserve (the US central bank) later today, after concerns about the conflict in the Middle East boosted prices of the yellow metal, which is considered a safe haven, to exceed two thousand dollars per ounce last month.
Christopher Wong, executive director and foreign exchange market expert at the Bank of England, said that the market pushed prices above $2,000, but they returned to decline, and they tried to rise again, but they did not succeed much.
He added that the main factor in the market is the conflict in the Middle East and the possibility of escalation as other parties join the war.
Markets are now awaiting the outcome of the Federal Reserve's monetary policy meeting, which will conclude later Wednesday, followed by the US monthly jobs report on Friday.
By 0351 GMT, spot gold fell 0.2 percent to $1,978.36 per ounce, while US gold futures fell 0.4 percent to $1,987.00.
The price of gold in spot transactions recorded a 7.3 percent jump in October, reaching its highest level in more than five months at $2,009.29 last week.
As for other precious metals, silver fell in spot transactions by one percent to $22.662 per ounce. Platinum fell 0.6 percent to $927.77, and palladium rose 0.5 percent to $1,120.91 per ounce.
