Gold slumps on fears Fed will signal taper

Gold for August delivery GCQ3 -0.07%  dropped $16.20, or 1.2%, to close at $1,366.90 an ounce in Nymex floor trading as Fed officials began a two-day monetary-policy meeting. During the session, gold traded as low as $1,360.20, the lowest level for a most-active futures contract since May 23, according to FactSet.

“Short-term gold investors are awaiting the results of the Fed meeting, fearing more noises that [quantitative easing] will be curtailed,” said Edmund Moy, chief strategist at gold-backed IRA provider Morgan Gold.

Read More: www.marketwatch.com/story/gold-futures-dip-as-fed-tapering-questions-linger-2013-06-18