Gold prices remain stagnant despite Fed's hawkish bias and mixed economic data.

The gold market is struggling to hold the line after the Federal Reserve leaves interest rates unchanged but maintains its tightening bias as it remains optimistic about the U.S. economy this year. The Committee signaled that it expects to raise interest rates possibly two more times this year and modest rate cuts in 2024. The latest economic projections indicate that the central bank sees the Fed Funds rate rising to 5.6% by the end of this year. Although gold prices are struggling to attract new bullish momentum, short-term weakness could be a buying opportunity.