Gold Price Forecast: XAU/USD tumbles after hitting daily high near $2000, eyes on Fed decision

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• Gold price hits a daily high of $1996.73 but loses momentum in the aftermath of a mixed US inflation report.
• US Bureau of Labor Statistics (BLS) reveals disinflation in the US, with annual and monthly readings posting mixed results.
• Traders await the Federal Reserve’s decision, with money market futures expecting the Fed to hold rates, eyeing 100 basis points of rate cuts for 2024.

Gold price lost its bright after hitting a daily high of $1996.73, though it dropped in the aftermath of a softish inflation report in the United States (US), ahead of the upcoming Federal Reserve (Fed) monetary policy decision. The XAU/USD exchanges hands at $1979,40, down 0.11%