Gold today declined from a five-week high as a stronger dollar curbed demand for an alternative investment before Federal Reserve policy makers meet to discuss monetary policy.
Gold fell by 0.5 per cent to USD 1,345.93 an ounce and silver by 0.5 per cent to USD 22.38 an ounce.
The US Dollar Index, a measure against 10 currencies, reached a one-week high as the Fed begins a two-day policy
meeting. Bullion climbed to USD 1,361.93 yesterday, the highest since September 20.
Gold is set for the first annual drop in 13 years as some investors lost faith in the metal as a store of value. The 16-
day partial US government shutdown that began October 1 probably trimmed 0.25 percentage point from fourth-quarter
economic growth.
————-PTI