Gold Prices Today: Gold (XAU/USD) extends its intraday decline on Thursday as the latest US Personal Consumption Expenditures (PCE) inflation data reinforce expectations of a Federal Reserve (Fed) rate hike in December after the US central bank held interest rates steady at its October meeting. At the time of writing, XAU/USD trades around $4,022, down 1.11% on the day.
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Gold Holds Key Support Ahead of Fed Rate Decision
Gold (XAUUSD) price outlook: Gold prices are moving cautiously around the important $4,000 level as investors wait for the US Federal Reserve’s upcoming interest-rate decision. The precious metal has managed to stabilise for the third consecutive session after suffering a sharp decline last week. Gold fell more than 4% during the week, marking its biggest weekly loss in around four months and touching its lowest level since mid-July.
Gold Consolidates as US-Iran Tensions and Hawkish Fed Outlook Limit Price Gains
Gold (XAU/USD) trims gains after opening the week with a bullish gap as buyers lack conviction amid conflicting US-Iran headlines and caution ahead of key US employment data. At the time of writing, XAU/USD trades around $4,036, easing from an intraday high of $4,084.
Federal Reserve Expected to Hold Interest Rates as Hike Pressure Builds
The US Federal Reserve is widely expected to leave its key interest rates unchanged in its upcoming policy meeting. While inflation has eased compared to previous years, some experts believe the central bank may need to consider another rate hike if price pressures increase again.
Goldman Sachs Highlights China’s Secret Gold Reserve Expansion
Goldman Sachs has picked up on the fact that China is expanding its gold reserves far faster than the official data indicates.