Gold prices slide ahead of the Federal Reserve's policy meeting, with traders cautiously waiting for cues on the U.S. central bank's outlook for 2025. Futures trade 0.4% lower at $2,652.75 a troy ounce.
A widely anticipated 25-basis-point rate cut is already fully priced into markets, according to analysts, but further cuts are less certain. Meanwhile, U.S. PMI data showed the services sector rose at a faster-than-expected pace.
"The resilience of the U.S. economy supports our view that the Fed's 2025 rate cutting cycle is likely to be shallow," ANZ Research analysts say. "We expect a signal that future moves will be gradual."
Source: Bloomberg
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