Gold prices hovered around $4,210 per ounce on Wednesday, remaining to trade within a tight range, as markets anticipated a Federal Reserve interest-rate cut later in the day while seeking clearer signals on the policy path through 2026. Most analysts expect a hawkish cut, with Chair Jerome Powell likely to signal caution on further easing amid persistent inflationary pressures. Fresh data showed resilience in the US labor market, with job openings extending a streak of stronger-than-expected readings, while ADP data indicated a rebound in private hiring in late November, which adds complexity to the Fed’s outlook. Meanwhile, central banks continued to be net buyers of gold, with China raising its reserves for a 13th consecutive month to about 74.12 million troy ounces. Strong official demand, together with solid ETF inflows and physical buying, has helped push gold roughly 60% higher year to date.