Spot Gold remains confined to a tight intraday range on Wednesday, hovering around the $2,155 mark.
XAU/USD Current price: $2,157.78 The Federal Reserve will announce its decision on monetary policy in the American afternoon. Investors will focus on the Summary of Economic Projections and potential rate cuts for 2024. XAU/USD seesaws around $2,155, neutral ahead of the Federal Reserve’s decision. The US Dollar advanced throughout the first half of the day but reversed gains with Wall Street’s opening as investors await the United States Federal Reserve monetary policy decision.
Investors rushed to price March as the date for the first, but resilient growth, stubborn inflation and a still-tight labour market erased such hope. Ahead of the upcoming announcement, markets are betting the first trim will take place in June. Furthermore, speculative interest is now considering the Fed may deliver just two cuts this year. The news, while discouraging, is already priced in.
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