Gold prices remained below $2,000 with Fed meeting approaching and an unclear outlook
Gold prices lingered below crucial levels on Wednesday as markets became more cautious of non-yielding assets prior to the end of the Fed’s final meeting of 2023.
Spot gold muted at $1,979.06 per ounce, while gold futures steadied at $1,993.70 per ounce.
The job market's recent strength and the United States' persistent inflation have dampened hopes that the central bank will lower interest rates sooner in 2024. Although the Fed is still anticipated to hold rates later on Wednesday, there is still uncertainty about its projection into 2024.
This month, gold prices saw extreme fluctuations because of the uncertainty surrounding the Federal Reserve. The yellow metal momentarily reached all-time highs of more than $2,100 per ounce before seeing a significant amount of surrender.
The yellow gold recently lost ground on the desired $2,000 per ounce mark as well, particularly as the currency stabilized ahead of the Fed.
It is generally anticipated that the central bank will maintain its rate during the last meeting due during the day.