Ella 
Gold prices ended a three-day winning streak on Wednesday amid a modest rebound in the U.S. dollar. In addition, hawkish speeches by several Fed officials and stronger-than-expected U.S. economic data reduced expectations for a rate cut by the Fed in September, which boosted the dollar and weighed on gold prices denominated in dollars. On the other hand, geopolitical conflicts and uncertainties could boost safe-haven demand for gold. Rising central bank demand will continue to drive gold prices higher in the short term.
Gold traders will closely watch the Fed’s Beige Book and a speech by Fed Chairman John Williams on Wednesday. The U.S. Core PCE price index, released on Friday, will be in focus, with an estimated 0.3% month-on-month and 2.8% year-on-year increase in April. Any signs of stronger U.S. inflation could raise the possibility of the Fed delaying a rate cut, which would put some selling pressure on gold as rising interest rates would increase its opportunity cost.
