Unlike yesterday’s double-digit gain in gold prices, today we see gold once again consolidating as it did on Tuesday.

Gold futures basis the most active February 2023 contract opened in New York at $1783.30 and traded to a high of $1803.20 just above its 200-day moving average which is currently fixed at $1800.70.

Market participants are acutely aware of next week’s FOMC meeting which begins on Tuesday, December 13, and concludes the following day.