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OPEC+ is likely to extend its voluntary oil output cuts of 2.2 million barrels per day beyond June

Powell's assurance that further rate hikes were off the table will help bullion

Surprise increase in U.S. crude inventories and prospects of a ceasefire in the Middle East add downward pressure on prices

Investor sentiment remains cautious ahead of the interest rate decision by the US Federal Reserve

Gold prices have declined more than $140 after reaching a record high of $2,431.29 on April 12

Gold lost 2.2 percent last week amidst easing tensions in the Middle East

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

Despite the increase, gold prices were down around 2.3 percent, their biggest weekly drop since early December

Recent attempts by Japanese authorities to intervene in currency markets have been ineffective

Decline in government spending contributes to moderation in U.S. economic activity

U.S. labor market supports growth with job gains averaging 276,000 per month in Q1 of 2024

Gold could remain between $2,300 and $2,350 unless a fresh catalyst emerges

The unexpected decrease in U.S. inventories, as indicated by industry data, provided some support to crude prices

The dollar climbed to 154.85 yen, its highest point since the middle of 1990

The country kept one-year LPR at 3.45 percent, five-year LPR at 3.95 percent

Gold dipped more than 2 percent in the previous session, its largest intraday decline in over a year

Food prices remained unchanged at 5 percent in March compared to February

Officials highlighted that the ECB's decisions hinge on incoming data, especially regarding wages, profits, and productivity

Investors fueled the increase as they continued to assess geopolitical concerns in the Middle East

Bullion loses safe-haven appeal amidst reduced geopolitical risks