Gold price drops 

With the prospect that the US Federal Reserve System (FRS) will increase the discount rate, the gold price has fallen slightly in the world market, Report informs.

On the New York "COMEX" exchange, December gold futures fell by 0.12% or $2.1 to $1,769.15 an ounce. The September futures price of silver dropped by 1.07% to $19,260 per ounce.

The tighter monetary policy by the FRS strengthens the dollar, thereby reducing the demand for gold.