Gold prices today continued a subdued trading pattern with minimal fluctuations, mainly moving sideways around $2025 USD, confined within a narrow price wedge.
The precious metal is facing pressure as investors reduce their expectations for a Federal Reserve rate cut in March 2024. This sentiment has bolstered US bond yields and the value of the USD, exerting downward pressure on gold prices.
The market's focus is currently on the upcoming release of US Gross Domestic Product (GDP) data for Q4 2023 on January 25, followed by the Personal Consumption Expenditures (PCE) index on January 26.
These two pieces of data are eagerly anticipated by the market as they are expected to more clearly define the Fed's monetary policy direction in the near future, which will significantly influence the global gold price trend.
