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Traders are currently pricing in a 73 percent chance of an interest rate cut in November
Consumer price inflation came in higher than expected at 4.0 percent in the first quarter of the year
Services inflation eased only slightly to 5.9 percent from 6 percent, missing the 5.5 percent forecast
Gold prices held above the $2,400 key level ahead of potential interest rate cuts later this year
The dollar index rose 0.1 percent, making greenback-priced bullion less attractive to holders of other currencies
The dollar index maintained its downward trend, declining 0.03 percent on Monday
Dollar index declined almost 0.6 percent this week, making gold more affordable for holders of other currencies
The main drivers of the CPI increase were the rising costs of shelter (up 0.4 percent) and gasoline (up 2.8 percent)
U.S. consumer prices increased less than expected in April, which supported bullion
Inflation remains the most important concern when operating a small business in the U.S.
Decline in inflation indicators could bode well for the precious metal
Import prices in yen increased 6.4 percent annually in April and 1.4 percent compared to March
Stagflationary risks in the U.S. continue to support gold prices
U.S. employment data supported gold prices, which rose over 2 percent by the end of last week
Potential shocks to agriculture, global food prices and oil production remain a risk to Nigeria's growth
Softer U.S. jobless claims data contributed to the optimism surrounding gold
Hotter-than-expected U.S. inflation data could potentially drive gold prices down
Unemployment to steadily increase to 4.7 percent by 2025 as U.K. labor market cools
Economic expansion in Germany, Spain and Ireland propelled eurozone's economic growth
Market expectations for any rate cuts have been pushed out, which could boost the U.S. dollar and potentially dampen oil demand and prices
Gold could capitalize on potential downturns in U.S. macroeconomic data in the coming quarters
The central bank has kept interest rates at 5.25 to 5.50 percent since July 2023
The central bank raised inflation forecast to 4.3-4.8 percent, up from 4-4.5 percent
This data supports the ECB's plan to start cutting eurozone interest rates in June after inflation falls slightly above its 2 percent target
