Gold prices were stable on Thursday after hitting their highest levels in more than a month, as softer U.S. core inflation data lifted expectations of interest rate cuts, although news of a ceasefire accord between Israel and Hamas capped further gains.
FOMC monetary policy
Gold prices fell to a one-week low in line with US Inflation data
Safe-haven gold prices may get some support from the slight decline in the US dollar (USD) along with the risk of further escalation of geopolitical tensions in the Middle East. Traders may also avoid placing aggressive bets ahead of the release of the FOMC meeting minutes on Wednesday. In addition, the US Consumer Price Index (CPI) and the US Producer Price Index (PPI) to be released on Thursday and Friday should provide fresh momentum to Yellow Metal.