Gold price drops in anticipation of FED's stimulus cuts

The price of gold dropped Monday, thus continuing its two-week fall in anticipation of FED's cuts to the stimulus program.

Gold price went down by as much as 0.5 percent to USD 1,385.50 per ounce, the New York news agency Bloomberg has reported.

Gold has lost 17 percent in value this year as a result of an announcement by the Federal Reserve (FED) that it would curb stimulus as early as September.

According to the median estimate of 34 economists surveyed by Bloomberg, the central bank will taper monthly bond purchases to USD 75 billion from the current USD 85 billion pace at its meeting on September 17-18.