Gold Finishes at Lowest Level in Three Weeks

Gold prices finished below $1,800 and fell to its lowest level in about three weeks, amid anticipation fort the upcoming Federal Open Market Committee (FOMC) meeting by the U.S. Federal Reserve.

The policy statement, which is set to be released on Wednesday, will set the tone for markets in terms of expectations for the coming period, especially in terms of the highly anticipated tapering that will begin by reducing the current pace of asset purchases from $120 billion a month, before moving interest rates.

On Monday, the yellow metal front-month futures lost $2.70, or 0.15%, to finish at $1798.70 per ounce.

Losses extended for the third consecutive session, bringing gold to its lowest level since July 6.