From Investing.com.:

Gold prices dipped below 2,160 due to strong US inflation data impacting expectations for Fed rate cuts, with XAU/USD facing its first decline in 4 weeks. Analysts predict little room for substantial growth in the short term as the dollar strengthens against other currencies. The Fed is expected to keep rates constant with a decreased likelihood of a rate cut, instead of 3 expected later in 2024. XAU/USD is expected to fluctuate in a narrow range, potentially bouncing between $2,169–$2,175. Investors await US Michigan Consumer Sentiment report for potential impact on XAU/USD price.

The euro declined by 0.59% as US macroeconomic data conflicted, questioning near-term Fed rate cuts. Although US retail sales fell below expectations, decreasing jobless claims and a sharp rise in the Producer Price Index (PPI) boosted the dollar. ECB officials and market pricing suggest an increasing rate cut from the ECB than the Fed in 2024. EUR/USD is expected to continue falling if US data reveals strong business activity and consumer confidence, nearing 1.08000. A break above 1.09000 may reverse the bearish trend in the pair.

The Japanese yen decreased by 0.39% against the USD following robust PPI data, strengthening USD/JPY. Progress in annual wage talks may prompt the Bank of Japan to end its loose monetary policy, affecting the downward correction possibility for USD/JPY. If wage negotiations yield positive results, the BOJ may increase interest rates, stop the bond yield control policy, and cease purchasing risky assets. USD/JPY may rise above 148.600 if US data indicates growth in business activity and consumer confidence, otherwise, the bullish trend in the pair could halt or reverse.



Read more at Investing.com.: Gold Rally Stops Amid Mixed US Data, Euro Declines on Fed Rate Cut Uncertainty