Gold Prices Face Test as Fed Meeting Looms

Gold has been moving sideways with a slight downward bias against the U.S. dollar over recent months, according to Stewart Thomson of Graceland Updates.

The weakness is attributed to reduced demand from central banks and Indian citizens, which is linked to the ongoing Iran war.

Global debt problems are worsening, particularly for governments, and the commentary suggests that once the energy crisis subsides, those debt issues will again become the primary driver for gold.

The next short-term move of roughly $200 in gold prices will be determined by the upcoming Federal Reserve meeting, the Thursday PCE inflation report, and the Friday Bank of Japan meeting.