GOLD:Prices Hit Weekly High, Eyes on US Inflation & Fed Meeting

It appears that gold has experienced a fresh long bullish impulse in the long direction, resulting in a surge in prices for two consecutive days, with a new weekly high of around 2 ,021 on Wednesday. However, there is a possibility of a pullback, as XAU/USD retreated to the 2 ,010 region during the first half of the European session.

Traders are closely monitoring the release of the US consumer inflation figures and the Federal Reserve's latest policy meeting minutes, which are expected to influence market expectations regarding the Fed's next policy move. The US Consumer Price Index (CPI) report is particularly significant in this regard. The Fed minutes will also provide valuable insight into how policymakers viewed the need for higher rates in the midst of banking sector turmoil.

This information will enable investors to determine the near-term trajectory for the US Dollar (USD), which in turn will provide a fresh directional impetus for the non-yielding Gold price.

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