The post Gold steadies above $4,200 as traders await FOMC rate decision appeared on BitcoinEthereumNews.com. Gold (XAU/USD) edges higher during the Asian session and touches a fresh weekly top on Wednesday, though it lacks follow-through buying. The growing acceptance that the US Federal Reserve (Fed) will lower borrowing costs at the end of a two-day policy meeting later today fails to assist the US Dollar (USD) in capitalizing on its recent recovery from the lowest level since late October. This, in turn, is seen as a key factor lending some support to the non-yielding yellow metal. Meanwhile, the markets remain on edge heading into the key central bank event risk. This, along with geopolitical uncertainties stemming from the protracted Russia-Ukraine war, supports the safe-haven Gold. The XAU/USD bulls, however, seem reluctant and opt to wait for more cues about the Fed’s rate-cut path before placing fresh bets. Hence, the focus will remain on the updated economic projections and Fed Chair Jerome Powell’s comments at the post-meeting presser. Daily Digest Market Movers: Gold bulls seem hesitant and opt to wait for more Fed rate cut cues The US Federal Reserve is scheduled to announce its decision at the end of a two-day policy meeting later this Wednesday and is widely expected to cut interest rates by 25 basis points despite sticky inflation. In fact, the US Commerce Department reported last Friday that inflation, as measured by the Personal Consumption Expenditure (PCE) Price Index, remained above the Fed’s 2% annual target in September. Fed officials, however, argue that slow hiring, modest economic growth, and subdued wage gains are likely to cool inflation in the coming months, backing the case for more policy easing by the central bank. The expectations seem unaffected by the upbeat US Job Openings and Labor Turnover Survey (JOLTS) released on Tuesday, which indicated continued demand for workers and labor market resilience. The Labor… The post Gold steadies above $4,200 as traders await FOMC rate decision appeared on BitcoinEthereumNews.com. Gold (XAU/USD) edges higher during the Asian session and touches a fresh weekly top on Wednesday, though it lacks follow-through buying. The growing acceptance that the US Federal Reserve (Fed) will lower borrowing costs at the end of a two-day policy meeting later today fails to assist the US Dollar (USD) in capitalizing on its recent recovery from the lowest level since late October. This, in turn, is seen as a key factor lending some support to the non-yielding yellow metal. Meanwhile, the markets remain on edge heading into the key central bank event risk. This, along with geopolitical uncertainties stemming from the protracted Russia-Ukraine war, supports the safe-haven Gold. The XAU/USD bulls, however, seem reluctant and opt to wait for more cues about the Fed’s rate-cut path before placing fresh bets. Hence, the focus will remain on the updated economic projections and Fed Chair Jerome Powell’s comments at the post-meeting presser. Daily Digest Market Movers: Gold bulls seem hesitant and opt to wait for more Fed rate cut cues The US Federal Reserve is scheduled to announce its decision at the end of a two-day policy meeting later this Wednesday and is widely expected to cut interest rates by 25 basis points despite sticky inflation. In fact, the US Commerce Department reported last Friday that inflation, as measured by the Personal Consumption Expenditure (PCE) Price Index, remained above the Fed’s 2% annual target in September. Fed officials, however, argue that slow hiring, modest economic growth, and subdued wage gains are likely to cool inflation in the coming months, backing the case for more policy easing by the central bank. The expectations seem unaffected by the upbeat US Job Openings and Labor Turnover Survey (JOLTS) released on Tuesday, which indicated continued demand for workers and labor market resilience. The Labor…