Futures Trading on NY Merc: Gold and Silver Prices Decline Ahead of Fed Policy Meeting

Futures trading on the New York Mercantile Exchange (NY Merc) showed declines in gold and silver prices Friday, as investors awaited key Federal Reserve policy decisions. Spot gold fell $12 to $1,850 per ounce, while spot silver dropped 3% to $23.50 per ounce. Analysts attributed the sell-off to expectations of a hawkish Fed stance, potentially signaling further interest rate hikes. Market participants now focus on the Fed's January 24-25 meeting for clarity on monetary policy direction. The U.S. dollar index strengthened by 0.7%, supporting the metals' downward pressure. Traders remain cautious ahead of broader economic data releases later this week.