Gold prices fell to around $3,680 per ounce on Wednesday (September 17th), likely due to profit-taking after the metal hit a new record in the previous session and tested the $3,700 level. However, the broader bullish bias remains intact as the market awaits the Federal Reserve's policy decision, with the central bank widely expected to cut interest rates by 25 bps—the first cut this year.
Weaker payrolls data highlighted the weakening labor market, reinforcing expectations for multiple rate cuts, with the market now pricing in three cuts this year.
The gold price at the time of writing was $3,682/Toz.
DISCLAIMER
Note: This article is for analytical purposes only and is not a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
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