Gold retreats from three-week highs, strong dollar suppresses the market#Gate广场五月交易分享


Gold prices slightly pull back after reaching a three-week high, as traders become cautious ahead of the US CPI inflation data release, while expectations for a more hawkish Federal Reserve continue to rise.
• XAU/USD, after rising earlier on the back of tensions in the Middle East and safe-haven demand, has fallen back to the $4,700 level.
• Rising oil prices related to the US-Iran conflict have heightened inflation concerns and supported the dollar.
• Traders are closely watching the upcoming US CPI report, which could have a significant impact on future Fed interest rate decisions.
• Analysts say that waning hopes for a US-Iran peace agreement and ongoing tensions in the Strait of Hormuz keep geopolitical risks elevated.
💡 Expert insights:
Gold is currently caught between two strong forces: safe-haven buying driven by geopolitical uncertainty and the strong dollar pressure from inflation concerns. Softer CPI readings could reignite a rebound in gold, while hotter inflation data may further strengthen the dollar and exert short-term downward pressure on precious metals. $XAUT
XAUT-1.19%
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