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Strong dollar, possible interest rate hikes are major risks to gold prices
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Gold prices achieved a record high of $2,449.89 but have since lost over $100
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Yen weakness fuels speculation of early BoJ rate hike
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Chinese reserve buying remains a significant tailwind, driving demand and supporting gold prices
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Traders are currently pricing in a 73 percent chance of an interest rate cut in November
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Consumer price inflation came in higher than expected at 4.0 percent in the first quarter of the year
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Services inflation eased only slightly to 5.9 percent from 6 percent, missing the 5.5 percent forecast
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Gold prices held above the $2,400 key level ahead of potential interest rate cuts later this year
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The dollar index rose 0.1 percent, making greenback-priced bullion less attractive to holders of other currencies
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The dollar index maintained its downward trend, declining 0.03 percent on Monday
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Dollar index declined almost 0.6 percent this week, making gold more affordable for holders of other currencies
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U.S. consumer prices increased less than expected in April, which supported bullion
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Decline in inflation indicators could bode well for the precious metal
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Import prices in yen increased 6.4 percent annually in April and 1.4 percent compared to March
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Stagflationary risks in the U.S. continue to support gold prices
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U.S. employment data supported gold prices, which rose over 2 percent by the end of last week
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Softer U.S. jobless claims data contributed to the optimism surrounding gold
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Hotter-than-expected U.S. inflation data could potentially drive gold prices down
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China's central bank marked its 18th consecutive month of gold purchases in April
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Gold prices have established a support base around the $2,280 mark over the past week
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Currently, markets are pricing a 67 percent chance of a U.S. interest rate cut in September
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Diminishing geopolitical concerns and a reevaluation of interest rate expectations impact bullion
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OPEC+ is likely to extend its voluntary oil output cuts of 2.2 million barrels per day beyond June
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Powell's assurance that further rate hikes were off the table will help bullion