Gold drops giving back last week’s $30 gain

Gold price is down $27 to $1843, a 1.5% drop. This slump comes after last week’s rise of more than $30 following the CPI report.

Today, the market is waiting for the Fed announcement this week. If they decide to deliver higher than a 50 bps rate hike, which would be bearish for gold, the yellow metal might tumble down more to levels under $1800.