Gold price drops

Gold prices experienced fluctuations as they responded to economic data releases and Federal Reserve officials' comments. The possibility of US interest rates remaining high led to a decline in gold prices, while signs of easing inflation and expectations of rate cuts later in the year provided some support. The hawkish stance of the Fed, forecasting fewer rate cuts than expected, impacted gold negatively. Geopolitical risks and political uncertainties globally could offer some backing to the safe-haven metal. Investors are closely monitoring US economic data and Fed officials' speeches for insights on future rate cuts and their impact on gold prices.