Gold (XAU/USD) prices are trading broadly flat and steady around $2,760 at the time of writing on Wednesday (1/29) after a volatile start to the week. No major moves are expected, as some traders wait until the Federal Reserve (Fed) interest rate decision later in the day. Lower US interest rates are often seen as favorable for Gold to trade higher.
Market expectations suggest that the Fed is likely to keep interest rates unchanged in the 4.25%-4.50% range, so traders would rather focus on Fed Chair Jerome Powell's comments on the central bank's policy outlook. And here, traders may be in for a big disappointment. Powell is not expected to comment on President Donald Trump's criticism of the Fed or why or how Trump called for lower interest rates. Instead, Powell is expected to reiterate that the central bank remains independent and data-driven and will focus on its dual mandate: inflation and the jobs market. (AL)
Source: FXstreet
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