❗️Traders Await FOMC Meeting for Gold's Direction❗️
Gold prices (#XAU/USD#) continue a four-day decline, reaching a three-week low around $1,974 amid unexpected November consumer price increases in the United States. The robust US jobs report on Friday weakens the case for early Federal Reserve (Fed) policy easing, prompting a shift away from the non-yielding gold.
Despite hopes for more stimulus in China, concerns about weak economic growth persist, and geopolitical risks contribute to a cautious market stance. Traders await the outcome of the highly-anticipated FOMC meeting, focusing on the policy statement, economic projections, and Fed Chair Jerome Powell's post-meeting conference.
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