Gold slipped below $3700 per ounce on Wednesday as investors turned cautious ahead of the highly anticipated Federal Reserve policy meeting today. MCX October gold futures declined nearly 1%, settling at Rs 109350 per 10 grams after touching a session low of Rs 109180, following a recent record high of $3739.9. The dollar index remained around 96.4, near 2'-month lows, amid growing expectations of multiple rate cuts this year, supported by softer US payroll data signaling a weakening labor market. Markets now price in three rate reductions, while all eyes are on the Fed's new dot plot and Chair Jerome Powell's press conference for further signals. Meanwhile, gold has soared more than 40% year-to-date, driven by strong central bank purchases, safe-haven inflows.
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