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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

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