Gold fell to around $3,680 per ounce on Wednesday, likely on profit-taking after the metal notched a fresh record in the previous session and tested the $3,700 milestone. Nevertheless, the broader upward bias remained intact as markets awaited the Federal Reserve’s policy decision, with the central bank widely expected to deliver a 25bps rate cut—the first reduction of the year. Softer payroll data highlighted a weakening labor market, reinforcing expectations for multiple cuts, with markets now pricing in three reductions this year. Still, the economy shows pockets of resilience, as August retail sales rose 0.6%, while the core control group climbed 0.7%, marking a fourth straight month of growth. Investors will also watch the Fed’s new dot plot and Chair Jerome Powell’s press conference for further guidance. Meanwhile, gold has surged about 41% year-to-date, supported by strong central bank demand, safe-haven inflows, and a shift away from the weakening US dollar.