Gold price trades range-bound on US Fed rate hike worries. Buy or wait for more correction?

livemint.com:

Gold rate today: Ahead of US Fed's FOMC meeting scheduled next week, gold prices remained in a broader range of $1,880 to $1,930 per ounce. However, the precious metal prices exhibited relative stability over the past week, with prices closing nearly unchanged at $1,923 levels in international market whereas it ended at ₹58,999 per 10 gm levels on MCX (Multi Commodity Exchange).

According to commodity market experts, gold rates today are weighed by strong US dollar that has climbed to six-month high during the same period. They said that market is expecting interest rate hike in the US Fed's FOMC meeting scheduled next week and further volatility in the rpecious metal can be expected only after the US Fed meeting.

Experts maintained that the US Fed's fight against inflation has assumed greater importance after the Jackson Hole meet, and this has left gold prices trading in a narrow range in the near term. On what is putting gold prices under pressure, Sugandha Sachdeva, Executive Director & Chief Strategist at Acme Investment Advisors said, "One of the key factors weighing on gold prices is the increasing belief that the US Federal Reserve will implement another interest rate hike by the end of this year.

This sentiment stems from the release of robust macroeconomic data, painting a positive picture of the US economy." "During the week, the key economic data highlighted that the US headline inflation rose in August to 3.7% on an annual basis, surpassing expectations of a 3.6% increase and exceeding July's 3.2% figure. This uptick indicates persistent inflationary pressures.