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Market Update: Gold Declines for 4th Session
Gold prices lost 3.06 points or 0.16% to 1855.816 on Wednesday, trading near 4-week lows as the Federal Reserve kicked off its two-day policy meeting. While policymakers are not expected to make any changes, they may signal that they are beginning to think about easing its bond-buying policy. The Fed will also release new forecasts on Wednesday, which could indicate a possible first rate hike penciled in for 2023. In addition, European Central Bank President Christine Lagarde said monetary and fiscal stimulus should remain until there are clear signs that a “firm, solid and sustainable” economic recovery is underway despite inflation headwinds. The Fed has taken a similar view, with investors digesting the central bank’s narrative that a surge in inflation is transitory and because of supply and demand imbalances. Given the above and the fact that the global economic recovery is gathering pace, we could expect further downside in the short term. [/s2If]
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