International gold prices weakened slightly in early trading ahead of the Federal Reserve's FOMC interest rate decision announcement, as market risk-aversion sentiment cooled and institutions broadly adjusted positions and took profits to avoid sharp volatility risks from the evening policy statement. As of now, spot gold is down marginally by 0.1%, trading at $5,002.42 per ounce, maintaining a narrow range consolidation overall.

Recently, market expectations for Federal Reserve policy have become more cautious. Although it is widely expected that the Committee will maintain interest rates unchanged this meeting, investors are focusing on the dot plot, inflation outlook, and rate-cut pace guidance. If hawkish signals are released, it could bolster the U.S. dollar and Treasury yields, further suppressing gold prices denominated in dollars. Meanwhile, with gold prices previously trading at elevated levels, some funds have chosen to reduce positions ahead of time to observe developments, intensifying short-term pullback pressure. Overall, market trading is cautious ahead of the decision announcement, with gold's short-term fluctuations primarily driven by sentiment and position changes, with directional choices awaiting the Federal Reserve's latest policy guidance.