FX.co ★ Gold Steady with Eyes on Fed Meeting

Gold prices remained steady near $4,200 per ounce on Tuesday as investors anticipated the Federal Reserve's policy meeting. The Fed is largely expected to implement a 25-basis-point rate cut, and traders are eager for insights from the updated economic projections and Chair Jerome Powell's remarks regarding the central bank's strategy for 2026 and subsequent years. The current market sentiment indicates an 87% likelihood of such a rate adjustment, with expectations shifting towards two rate cuts next year, as opposed to the three that were predicted just last week. Prior to the Fed's announcement, market participants will examine the JOLTS job openings data being released later today. In addition, China's central bank has increased its gold holdings for the 13th consecutive month, elevating its total reserves to 74.12 million troy ounces.