Gold prices rose above $2,400 ahead of the Fed's policy meeting, according to Sagar Dua, a financial analyst at Fxstreet. The central bank is expected to keep interest rates unchanged at 5.25%-5.50% for the eighth consecutive time.
In the monetary policy statement and press conference, Fed Chairman Jerome Powell is expected to reiterate that inflation has returned to the bank's 2% target.
Powell may also highlight rising risks to the labor market. It will be difficult for Powell to set a timeline for a rate cut as the fight against inflation is far from over and the US economy is growing at a strong pace.
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