Gold is attempting another run above $4,300 early Wednesday, replicating a tepid bounce seen in Tuesday’s Asian trading. Gold’s next major directional move depends on the US Federal Reserve (Fed) monetary policy decision and outlook due later in the day.

American Diesel costs $6.285 a gallon, more than it has ever cost, and it got there in a year when Gasoline never came close to its own record. Gasoline sits about 14% below the high it set in June 2022. Diesel sits about 8% above the high it set that month.

The Australian Dollar (AUD) adds to the negative start to the week, sending AUD/USD back to the boundaries of the 0.7100 region, which appears to be holding pretty well the downward correction for now.

As the Federal Reserve (Fed) monetary policy announcement approaches and the Middle East war intensifies, the US Dollar (USD) resumes its advance.

Japan’s ultra-low interest rates helped finance trillions of dollars in global investments for more than a decade, making the Japanese Yen (JPY) one of the world’s cheapest sources of funding.

Gold is building on the previous recovery from one-week lows near $4,350 early Thursday, stretching beyond $4,400. Gold buyers now look forward to the US Producer Price Index (PPI) and Consumer Price Index (CPI) data due Thursday and Friday, respectively, for a sustained turnaround.