Gold Slides Ahead of Fed Meeting Next Week

NEW YORK (AP) -

Precious metals prices fell ahead of a Federal Reserve meeting next week in which the bank is expected to consider reducing its economic stimulus.

Gold for December delivery fell $22 to $1,308.60 an ounce Friday. 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. They are selling it now that the program seems to be winding down and inflation remains tame.

Other metals prices were mixed.

December copper fell 0.65 cents to $3.2035 a pound. October platinum rose $1.80 to $1,444.50 an ounce, and December palladium edged up $6.30 to $699.10 an ounce.

Crop prices fell.

Wheat for December delivery fell 11.5 cents to $6.415 a bushel, December corn fell 7.25 cents to $4.59 a bushel and November soybeans fell 14.5 cents to $13.815 a bushel.