Gold futures fell on Friday to tally a loss for the week, but prices for the precious metal posted a gain for the month following a loss of more than 3% in September. Gold will “start to form a range” ahead of Wednesday’s Federal Reserve monetary policy decision, said Edward Moya, senior market analyst at Oanda. “A dovish taper announcement would be the best case scenario for gold prices,” he said. “If inflation continues to run wild, gold prices will eventually see strong inflows as growth concerns trigger safe-haven positioning.” December gold GCZ21, -0.98% fell $18.70, or 1%, to settle at $1,783.90 an ounce. Prices for the most-active contract finished about 0.7% lower for the week, but climbed by 1.5% for the month, according to FactSet data.
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