Gold prices hovered above $4,210 per ounce on Wednesday, trading in a tight range as markets parsed the anticipated Federal Reserve interest rate cut while seeking clearer signals on the policy path through 2026. The Fed’s widely expected 25 basis point reduction lowered short real rates and removed a dollar headwind that had constrained bullion, helping to anchor a price floor, while the committee’s cautious guidance and dot plot limited expectations for further easing and therefore capped upside. At the same time the dollar’s decline after the decision reinforced the usual inverse link between US yields and gold. Strong official demand remained an important structural support as China added to reserves for a 13th consecutive month and central banks broadly stayed net buyers, while steady ETF flows and robust physical buying in Asia continued to soak up available supply.