WASHINGTON (dpa-AFX) - Gold prices were little changed above $4,200 per ounce on Wednesday ahead of an anticipated rate cut at next week's FOMC meeting.
Spot gold slipped 0.1 percent to $4,202.12 an ounce while U.S. gold futures were up 0.3 percent at $4,231.90.
The dollar headed for its ninth straight decline as investors await key economic data for additional clues on the economic and rate outlook.
Focus shifted to upcoming U.S. economic data, including November ADP employment figures later in the day and the delayed September Personal Consumption Expenditures (PCE) Index, the Fed's preferred inflation gauge, due on Friday.
A hotter-than-expected inflation reading on Friday might revive worries that rates need to stay elevated for longer.
CME Group's FedWatch Tool currently indicates an 89.4 percent chance the Fed will cut rates by another quarter point on December 10, up from 63.0 percent a month ago.
Money markets are pricing in additional three quarter-point Fed reductions over the next year.
As concerns mount over the impending change in leadership at the Federal Reserve, President Donald Trump said he plans to announce his selection to lead the central bank in early 2026.
On the geopolitical front, high-stakes U.S.-Russia talks on ending the war in Ukraine failed to yield a breakthrough on Tuesday, as the Kremlin said 'no compromise' had been found yet on the key question of territory.
Talks with U.S. envoys Steve Witkoff and Jared Kushner were 'very useful' but much work remains to be done, a senior aide to the Russian President has said.
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