Gold pulls back to $4,240 before Fed rate call

Gold fell 1.2% to $4,240.1 by 3:10 p.m. ET after hitting $4,365.57 on September 16, Reuters reported. Spot gold — the price for immediate delivery — pays no income, so higher expected U.S. rates make bonds more appealing. In my view, nerves about rates outweighed safe-haven buying ahead of the Fed decision.