Overview Gold (XAU) prices traded within a narrow range on Wednesday, finding support from a weaker dollar despite concerns surrounding the upcoming U.S. Federal Reserve’s interest rate decision. The slight weakening of the dollar index made gold relatively cheaper for buyers holding other currencies, maintaining the upward trend in the precious metal’s value. As supply chain pressures ease, inflationary forces diminish, prompting central banks like the Federal Reserve to reconsider their aggressive rate increases aimed at controlling inflation.