Ella 
Gold prices (GOLD/USD) attracted some bargain hunting near $1,973 on the first day of the new week, halting Friday’s modest pullback from two-week highs. The precious metal is currently trading just below the $1,985 level, up nearly 0.20% on the day. Amid dovish expectations from the Federal Reserve, the precious metal appears poised to build on its recent decent rebound from the monthly lows hit last Monday.
There is growing belief that the Federal Reserve will maintain the status quo at its December 2023 meeting and eventually begin cutting interest rates in 2024, which could keep the U.S. dollar (USD) depressed and close to its lowest levels since September 1. In addition, the deteriorating global economic outlook and geopolitical risks have also become another factor supporting the price of safe-haven gold and continue to support the upward trend of gold prices.
However, it remains to be seen whether bulls can maintain control or choose to wait and see ahead of Tuesday’s FOMC meeting minutes. Investors will get a fresh look at where interest rates are headed and policymakers’ views on whether the U.S. central bank should raise rates again this year. This in turn should provide some meaningful impetus to non-yielding gold prices.
