Gold Prices Hang in the Balance as Traders Await US Inflation Data
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Gold investors are bracing for potential volatility as the market's focus shifts to the upcoming US Consumer Price Index (CPI) report, a key indicator that could influence the Federal Reserve's next policy move. The precious metal has been trading in a tight range, with technical analysis suggesting a breakout hinges on the inflation data's outcome. A hotter-than-expected CPI could reinforce expectations of prolonged higher interest rates, likely pressuring gold prices. Conversely, softer inflation figures may revive hopes for rate cuts, potentially boosting gold's appeal as a non-yielding asset. Analysts note that gold's recent resilience near critical support levels reflects cautious optimism among traders. Meanwhile, the dollar's strength and Treasury yields remain additional factors weighing on the metal's performance. Market participants are also monitoring geopolitical tensions and central bank demand, which could provide further direction for gold in the coming weeks.
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