Ella 
Gold prices were higher on Tuesday after rebounding from a two-week low of $2,325. A weak U.S. dollar and safe-haven inflows drove gold prices higher amid continued geopolitical tensions in the Middle East. In addition, the Fed’s hawkish meeting minutes and stronger U.S. economic data have led to a rise in short-term U.S. bond yields, which may support the dollar in the short term. Traders may prefer to stay on the sidelines ahead of key U.S. inflation data this week.
The Conference Board’s consumer confidence index will be released on Tuesday, and Fed officials Neel Kashkari, Mary Daly and Lisa Cook will also give speeches. On Friday, the U.S. core personal consumption expenditures price index (Core CPE) will be in focus. If there are more hawkish comments from Fed officials and any signs of stubbornly high inflation, traders may push back on the timing of expected rate cuts. This could therefore boost the U.S. dollar and put some selling pressure on gold prices in U.S. dollars.
