Global spot gold traded at $4282.8 per ounce at 10:30 on September 24, down $74.2 from the prior session close.

The metal retreated to a range of $2427 to $2430 per ounce on Wednesday.

Traders state that the outcome of the US-China presidential summit will be vital for gold price trends, as the metal faces pressure from expected Federal Reserve rate hikes.

A stronger US dollar increases gold holding costs for non-USD investors, reducing demand for the metal.

The Federal Reserve published economic projections from the September 15-16 FOMC meeting.