Gold Price Forecast

Gold drops for the second consecutive day, down 0.18% around $1,785. The pair recently refreshed the intraday low to $1,782.58 during Wednesdays Asian session as market sentiment sours ahead of the US Federal Reserve (Fed) verdict.

While the Fed tapering tantrums weigh on the gold prices, with $15 billion trimming to monthly bond purchases eyed, chatters surrounding the US stimulus also recently weighed down the sentiment. In contrast to the previous hopes of getting the deal done during this week, US Senator Joe Manchin said, per the CNN, to have chief concerns that will need to be addressed in order to secure his vote for the $1.75 trillion economic package. The policymaker was cited expressing new optimism that a deal could ultimately be reached that would win his support on President Joe Biden's domestic agenda before Thanksgiving.

Amid these plays, US Treasury yields rebound whereas the S&P 500 Futures print mild losses by the press time.

Given the lack of major data/events in Asia, the gold prices may extend the latest weakness, though with a mild force, ahead of the US ADP Employment Change and PMIs for October. However, major attention will be given to the Feds verdict to determine near-term gold moves.

Stay tuned for more updates!

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