Gold prices dip slightly near $4,200; Fed meeting to dictate next move

• Spot gold price stood at $4,196 an ounce on December 9, recovering 0.13% in 24 hours.
• India's December gold futures traded around Rs 1,29,998 per 10 grams (24K), down 0.0715% since morning.
• The Indian Bullion and Jewellers Association (IBJA) priced 999 purity gold at Rs 1,28,592 for 10 grams.
• Gold prices are under slight pressure due to anticipation of a hawkish tone from the U.S. Federal Reserve, with 89.4% probability for a 350-375 target rate bps.
• The outlook suggests gold could target $4,300 (Rs 1,32,000) and $4,345 (~Rs 1,33,500), with strong support at $4,200 (Rs 1,29,000).

Why It Matters: Federal Reserve actions are influencing gold prices, affecting investment outlook.