Gold Slips Slightly, Holds Above $1,010

Gold prices inched lower on Friday as some traders collected profits, but remained above the $1,010 mark. Some traders expressed caution ahead of the interest rate decision.

December gold closed at $1,010.30 per ounce, up $3.20 on the session. Prices reached as high as $1,019.50 and as low as $1,008.

The Federal Open Market Committee’s policy meeting will conclude with the interest rate decision on Wednesday. Rates are widely predicted to remain at 0.25%.

There was no major economic data on Friday’s calendar. On Monday, leading indicators data for August is expected at 10 a.m. ET. A rise of 0.7% is forecast, compared to a 0.6% increase in July.

The dollar was little-changed against the euro, failing to mount much of a comeback from a yearly-low. The buck did climb to a two-week high against the sterling.

Gold fell $6.60 on Thusday after earlier reaching as high as $1,025.80 in overnight trading, approaching the record $1,033.90 reached in March 2008. When adjusted for inflation, however, gold moved near $2,000 back in 1980.