Gold was subdued around $1,980 an ounce on Wednesday, holding near its lowest levels in three weeks as investors cautiously awaited the US Federal Reserve’s interest rate decision.
The US central bank is widely expected to hold rates steady, but traders will focus on Fed Chair Jerome Powell’s commentary amid bets of rate cuts in the first half of 2024.
Still, a robust US jobs report and upside risks to inflation could prompt policymakers to take a less dovish stance than what market participants anticipate.
Meanwhile, data released on Tuesday showed that US consumer inflation figures for November came largely in line with forecasts.
Investors also look ahead to monetary policy decisions from the European Central Bank and the Bank of England on Thursday.
XAUUSD
XAUUSD BUY 1977 - 1975
✔️TP1: 1982
✔️TP2: 1987
🚫SL: 1970
The US central bank is widely expected to hold rates steady, but traders will focus on Fed Chair Jerome Powell’s commentary amid bets of rate cuts in the first half of 2024.
Still, a robust US jobs report and upside risks to inflation could prompt policymakers to take a less dovish stance than what market participants anticipate.
Meanwhile, data released on Tuesday showed that US consumer inflation figures for November came largely in line with forecasts.
Investors also look ahead to monetary policy decisions from the European Central Bank and the Bank of England on Thursday.
XAUUSD
XAUUSD BUY 1977 - 1975 ✔️TP1: 1982
✔️TP2: 1987
🚫SL: 1970
