International gold prices weakened slightly in early trading before the Federal Reserve's FOMC interest rate decision announcement, as market risk-aversion sentiment cooled and institutions generally adjusted positions and took profits to avoid sharp volatility risks from the evening policy statement. As of now, spot gold has declined marginally by 0.1%, trading at $5002.42 per ounce, maintaining overall narrow-range consolidation.

Recently, market expectations regarding Fed policy have become more cautious. Although it is widely expected that this meeting will maintain rates unchanged, investors are focusing on the dot plot, inflation outlook, and rate-cut trajectory guidance. If hawkish signals are released, it could bolster the US dollar and US Treasury yields, further suppressing gold prices denominated in dollars. Meanwhile, given gold prices' elevated levels in recent periods, some funds have chosen to reduce positions ahead of time to observe, intensifying short-term pullback pressure. Overall, market trading before the announcement is cautious, with gold's short-term fluctuations mainly driven by sentiment and position changes, with directional choices awaiting the latest Fed policy guidance rollout.