Gold steadies after volatile intraday action, Fed in focus
The post Gold steadies after volatile intraday action, Fed in focus appeared on BitcoinEthereumNews.com. Gold slips from record highs near $3,703 as traders await the Fed’s interest rate decision. Markets expect the Fed to cut rates by 25 bps, bringing the federal funds rate to the 4.00%-4.25% range. XAU/USD edges lower to near $3,670, with immediate support at $3,650 and resistance at $3,675-$3,700. Gold (XAU/USD) is taking a breather on Wednesday, slipping from record highs as traders shift their focus to the Federal Reserve’s (Fed) interest rate decision due at 18:00 GMT. The precious metal touched a fresh all-time high near $3,703 on Tuesday but has since eased, as investors book profits and reposition ahead of the US central bank’s monetary policy announcement. At the time of writing, XAU/USD is trading around $3,682 during the American session, down nearly 0.20% on the day after trimming some of its earlier losses. The precious metal briefly dipped to an intraday low near $3,660 before stabilizing. A steady US Dollar (USD) is also weighing on bullion, trimming its record-setting rally. Meanwhile, US Treasury yields remain subdued, reinforcing Gold’s appeal but keeping momentum capped until the Fed’s policy outlook becomes clearer. The Fed is widely expected to cut its benchmark rate by 25 basis points, bringing it to the 4.00%-4.25% range and delivering the first interest rate reduction of 2025. While the outcome is seen as a done deal, investors are bracing for the central bank’s updated dot plot and economic projections, which could set the tone for the pace and scope of further easing. Fed Chair Jerome Powell’s press conference at 18:30 GMT will be closely scrutinized for signals on how aggressively policymakers intend to respond to a cooling labor market and sticky inflation. Despite the current retreat, Gold’s broader uptrend remains intact. The prospect of easier US monetary policy, persistent geopolitical tensions, and steady safe-haven demand…
The post Gold steadies after volatile intraday action, Fed in focus appeared on BitcoinEthereumNews.com.
Gold slips from record highs near $3,703 as traders await the Fed’s interest rate decision. Markets expect the Fed to cut rates by 25 bps, bringing the federal funds rate to the 4.00%-4.25% range. XAU/USD edges lower to near $3,670, with immediate support at $3,650 and resistance at $3,675-$3,700. Gold (XAU/USD) is taking a breather on Wednesday, slipping from record highs as traders shift their focus to the Federal Reserve’s (Fed) interest rate decision due at 18:00 GMT. The precious metal touched a fresh all-time high near $3,703 on Tuesday but has since eased, as investors book profits and reposition ahead of the US central bank’s monetary policy announcement. At the time of writing, XAU/USD is trading around $3,682 during the American session, down nearly 0.20% on the day after trimming some of its earlier losses. The precious metal briefly dipped to an intraday low near $3,660 before stabilizing. A steady US Dollar (USD) is also weighing on bullion, trimming its record-setting rally. Meanwhile, US Treasury yields remain subdued, reinforcing Gold’s appeal but keeping momentum capped until the Fed’s policy outlook becomes clearer. The Fed is widely expected to cut its benchmark rate by 25 basis points, bringing it to the 4.00%-4.25% range and delivering the first interest rate reduction of 2025. While the outcome is seen as a done deal, investors are bracing for the central bank’s updated dot plot and economic projections, which could set the tone for the pace and scope of further easing. Fed Chair Jerome Powell’s press conference at 18:30 GMT will be closely scrutinized for signals on how aggressively policymakers intend to respond to a cooling labor market and sticky inflation. Despite the current retreat, Gold’s broader uptrend remains intact. The prospect of easier US monetary policy, persistent geopolitical tensions, and steady safe-haven demand…
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