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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
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
