Over the past week, the gold price increased by almost 5%, while the US dollar weakened. Traders are eagerly awaiting US inflation figures for clues on future trends. After having risen for eight consecutive days, the gold price remained nearly unchanged on Monday.

Traders Await the Release Date of the Consumer Price Index on Tuesday for Clues on When the US Federal Reserve May Cut Interest Rates. The Price of Gold for Immediate Delivery Traded in a Tight Range on Monday, After Having Risen Steadily Last Week and Reaching a New Nominal High on Four Consecutive Days.

The gains on Friday were supported by data from the USA, showing that the unemployment rate is at a two-year high, which pushed down the dollar and yields on ten-year bonds. In March, the price of gold surged unexpectedly, surprising some investors, as the forecast for the timing of the Fed's rate cut had not changed significantly.

In a hearing last week, Chairman Jerome Powell emphasized that the central bank needs "just a bit more evidence" of inflation approaching its target of 2% before cutting interest rates. Other policymakers made similar remarks.

This week will reveal whether the confidence of gold bulls is justified, as current US inflation figures will be released on Tuesday. Higher than expected inflation, as was the case last month, would be a setback for further gains in the precious metal that does not offer interest yields and benefits from an environment of lower interest rates.

The spot gold price traded nearly unchanged at 2,177.48 USD per ounce at 9:21 AM in London, after having reached a high of 2,195.15 USD in the previous week. Silver prices remained unchanged, after having risen by more than 5% last week. Palladium and platinum prices rose slightly, after having increased by almost 7% and 3% respectively last week.