Gold Price Trades With Positive Bias; Remains Below $2,700 on Fed Rate Cut Expectations
Gold Price Forecast: XAU/USD Attracts Some Buyers to Near $2,700, Traders Brace for Fed Rate Decision
Gold Trade Reminder: USA PPI intensifies long positions taking profits, with Gold price falling nearly 50 dollars from a five-week high.
On Friday (December 13), the spot price of Gold in the Asian market showed narrow fluctuations, currently trading at $2680.80 per ounce. Gold fell over 1% on Thursday, as investors took profits after briefly hitting a five-week high of $2726 at the beginning of the trading session, and closed positions ahead of next week's Federal Reserve meeting. After the stronger-than-expected PPI data in the USA, the price of Gold briefly dropped to $2675.08, closing at $2680.55 per ounce. MarketPulse by OANDA Analyst Zain Vawda stated: "Bullish momentum remains, but a pullback may occur before the Federal Reserve meeting."
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