Gold likely to consolidate ahead of the US FOMC decision

The US Dollar Index continues to defend the crucial support around 101.25. Better than expected US data combined with the somewhat elevated reading of core PCE inflation data would keep the 10-year US yields supported above 3.50%.Core PCE inflation reading is the Fed’s preferred gauge of inflation. PCE deflator m-o-m for December came in at 0.1%, which topped the estimates of 0.0%, though it matched the 0.1% reading for November.

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