Gold stabilizes around $4,650 after the previous day’s two-way swings as traders await the US PCE data, due later this Wednesday, for cues about the Fed’s policy path. The outlook will drive the US Dollar and the non-yielding bullion. Meanwhile, renewed hopes for a US-Iran peace deal, weak oil prices, sliding US bond yields and diminishing odds of an immediate tightening by the Fed undermine the USD. This keeps the precious metal close to its highest level since May 14, set on Tuesday.
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