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Consumers' 12-month inflation expectations rose to 5.4 percent from 5.3 percent in April

Fed officials say the central bank needs to wait for significant progress on inflation before cutting interest rates

Strong dollar, possible interest rate hikes are major risks to gold prices

Gold prices achieved a record high of $2,449.89 but have since lost over $100

Yen weakness fuels speculation of early BoJ rate hike

Chinese reserve buying remains a significant tailwind, driving demand and supporting gold prices

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

U.S. consumer prices increased less than expected in April, which supported bullion

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

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

China's central bank marked its 18th consecutive month of gold purchases in April

Gold prices have established a support base around the $2,280 mark over the past week

Currently, markets are pricing a 67 percent chance of a U.S. interest rate cut in September

Diminishing geopolitical concerns and a reevaluation of interest rate expectations impact bullion