Gold for December delivery lost ground today, with traders fretting about instability ahead of tomorrow's report from the Federal Open Market Committee. The front-month contract dropped $4.80 an ounce to finish at $787.80. Traders were also locking in recent gains amid declining crude-oil prices and mixed trading in the dollar against rivals.
Checking in on gold mining stocks, the AMEX Gold BUGS Index (HUI) was also lower. At last check, the HUI had lost nearly 2% and was hovering right around the 420 level. Meanwhile, the CBOE Gold Index (GOX) had lost about 1.5%, but was finding support in the 183.50 region.