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Surprise increase in U.S. crude inventories and prospects of a ceasefire in the Middle East add downward pressure on prices
Powell's assurance that further rate hikes were off the table will help bullion
Investor sentiment remains cautious ahead of the interest rate decision by the U.S. Federal Reserve
Gold prices have declined more than $140 after reaching a record high of $2,431.29 on April 12
Market expectations for any rate cuts have been pushed out, which could boost the U.S. dollar and potentially dampen oil demand and prices
Gold lost 2.2 percent last week amidst easing tensions in the Middle East
Gold could capitalize on potential downturns in U.S. macroeconomic data in the coming quarters
Despite the increase, gold prices were down around 2.3 percent, their biggest weekly drop since early December
Brent crude futures saw a gain of 31 cents, equivalent to 0.4 percent, reaching $89.32 per barrel
The CBE's Monetary Policy Committee is scheduled to meet on May 23 to review the key interest rates
Gold could remain between $2,300 and $2,350 unless a fresh catalyst emerges
The unexpected decrease in U.S. inventories, as indicated by industry data, provided some support to crude prices
The country kept one-year LPR at 3.45 percent, five-year LPR at 3.95 percent
Food prices remained unchanged at 5 percent in March compared to February
Officials highlighted that the ECB's decisions hinge on incoming data, especially regarding wages, profits, and productivity
Gold dipped more than 2 percent in the previous session, its largest intraday decline in over a year
Investors fueled the increase as they continued to assess geopolitical concerns in the Middle East
Bullion loses safe-haven appeal amidst reduced geopolitical risks
Brent crude futures declined to $86.62 per barrel, WTI crude futures dropping to $82.51 per barrel
Market analysts referred to gold as a geopolitical trade rather than a monetary policy trade at the moment
Gold maintains safe-haven appeal despite Federal Reserve's stance on rates
Venezuela's oil exports had grown 12 percent in 2023 to 700,000 bpd after the easing of some U.S. sanctions
Strong dollar and rising treasury yields impact gold's appeal
Brent crude futures for June delivery gained 48 cents, or 0.5 percent, settling at $90.58 per barrel
