Commodities Update: Gold down as all eyes shift on Fed meet

Prices for Gold spot were down 0.23 percent at $1314.55 an ounce, down by 3.01 Dollars. Prices for Gold slipped to their lowest in the last two weeks on Monday as equities rallied and dollar became stronger.

The two-day Fed Open Market Committee meeting, which begins on Tuesday, will be closely watched by markets as the U.S. central bank is expected to announce balance sheet reduction in an effort to "normalize" monetary policy.

The prices for Gold finally stabilized after a long rally, dismissing away any geopolitical risks and looking for any updates on rate hikes from The Fed.

North Korea issues will likely take center stage when Trump addresses world leaders at the United Nations for the first time on Tuesday.

In other precious metals, silver slipped 0.08 percent to $17.505 an ounce, after earlier hitting its lowest since Sept. 1.

Platinum was little changed at $963.349 an ounce, while palladium gained up to 1.01 percent at $933.251.