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Gold Prices Slip; All Eyes on Fed

Investing.com - Gold prices slipped on Wednesday in Asia as investors await the Federal Reserve’s decision on interest rates due later in the day.

Gold Futures for December delivery were down 0.2% to $1,510.55 an ounce in New York by 11:52 PM ET (03:52 GMT).

Investing.com's Fed Rate Monitoring Tool indicates a 50.8% chance the Fed cuts its federal funds rate to 1.75% to 2% from 2% to 2.25%. The central bank delivered its first rate cut in more than a decade in July.

The Fed meeting will kick off a busy round of policy decisions from other central banks, including the Bank of Japan, Swiss National bank and the Bank of England, which will all deliver decisions on Thursday.

Markets are also closely monitoring the developments on the global trade front.

U.S. President Donald Trump and his administration may formally announce a trade deal with Japan next week, White House adviser Larry Kudlow said.

Meanwhile, Trump told reporters on Tuesday that Washington could reach a trade deal with China before the U.S. presidential election.

The president said that China would prefer to deal with someone else, but warned that terms of the deal will be “far worse” if it came after the 2020 election.

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