- Data released last week from the US pointed to some stickiness in inflation and might force the Federal Reserve to keep rates elevated, which, in turn, is seen weighing on the non-yielding Gold price.
- The University of Michigan's preliminary survey showed on Friday that one-year and five-year inflation expectations were little changed in March, while the US Consumer Sentiment Index eased to 76.5.
- The CME Group’s FedWatch Tool, meanwhile, indicates that the possibility of an interest rate cut at the June policy meeting stands at around 60% and holds back the USD bulls from placing fresh bets.
- Geopolitical risks remain elevated on the back of the protracted Russia-Ukraine war and conflicts in the Middle East, which is seen lending additional support to the perceived safe-haven precious metal.
- Ukraine last week stepped up drone strikes on Russian oil refineries, while Israeli Prime Minister Benjamin Netanyahu confirmed that he will proceed with plans to push into Gaza's Rafah enclave.
- Traders might refrain from placing aggressive directional bets and now look forward to the outcome of the highly anticipated FOMC monetary policy meeting on Wednesday for some meaningful impetus.
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