NEW YORK (AP) — Precious metals prices are falling ahead of a Federal Reserve meeting next week where the bank is expected to consider reducing its economic stimulus.
Gold fell $22 to $1,308.60 an ounce. December silver fell 42.9 cents to $21.72 an ounce.
Fed policymakers meet on Tuesday and Wednesday. They're expected to announce a reduction in the Fed's bond-buying program, which has kept interest rates low.
Some traders have been buying gold out of fear that the Fed's program would cause inflation, and are selling it now that the program seems to be winding down.
Crude oil fell 39 cents to $108.21 a barrel in New York.
Wheat fell 11.5 cents to $6.415 a bushel. Corn fell 7.25 cents to $4.59 a bushel and soybeans fell 14.5 cents to $13.815 a bushel.