Gold Price Slides as Traders Await Latest Fed Stimulus Decision

Gold prices slid on Tuesday as traders sat on the sidelines awaiting the end of the Federal Reserve's two-day policy-making meeting.
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Gold prices were sliding on Tuesday as traders sat on the sidelines awaiting the end of the Federal Reserve's two-day policy-making meeting. Independent metals trader Eric Zuccarelli tells TheStreet's Joe Deaux that he is bearish on gold and says the price could go as low as $1,250 from its current $1,300 level. Zuccarelli says a lack of buying despite violence in Iraq and escalating tensions between Ukraine and Russia suggests the yellow metal isn't poised to pop in the near term. In addition to a lack of buying in paper markets, physical demand for gold in China is softer than a year ago.