Gold Prices Tread Water Ahead of Fed Decision

Gold prices have been steady near the $4,025, $4,040 participation zone as investors await the Federal Reserve's policy decision.

The key transmission channels shaping short-term positioning remain real yields and the US Dollar, with markets continuing to focus on the FOMC statement and Chair Kevin Warsh's press conference for guidance on the policy path beyond July.

Thursday's US GDP and Core PCE releases will extend the macro sequence and may reinforce or challenge the market's initial interpretation of the Fed.