Gold Slips From Record High Before Fed’s Rate Decision

Gold dipped from Tuesday’s record as most asset classes saw muted moves ahead of the Federal Reserve interest-rate decision later today.

Bullion traded about $40 below its record high of $3,703.07 an ounce set in the previous session. Traders are focusing on the outcome of the Fed’s rate-setting meeting, where they see a quarter-point cut this week as a certainty. Lower rates are positive for the non-interest bearing precious metal.

Swap traders are currently pricing in a high chance of two additional cuts before the end of the year, and a solid US retail sales reading on Tuesday did little ...