Gold prices are trading in today’s European session below 2330 levels.
Gold prices struggled to build on the previous day's rebound near the $2,300 mark, fluctuating within a narrow range during the European session on Wednesday.
The precious metal has been confined to this range for the past week and a half as traders await clarity on when the Federal Reserve (Fed) might start cutting interest rates.
Although the Fed took a more hawkish stance in June, forecasting only one rate cut this year, the market is still anticipating two cuts in 2024 due to signs of easing inflation.
Additionally, weaker U.S. Retail Sales data released on Tuesday suggested waning consumer strength, increasing bets for Fed rate cuts in September and December.
