Gold remained relatively stable as market participants anticipate forthcoming US inflation data. Gold prices experienced a modest decline on Friday. Market participants are anticipating the release of the U.S. inflation report. This report is poised to impact the policy decisions of the Federal Reserve. Global equities experienced an uptick, while the U.S. dollar exhibited a decline. A legal dispute regarding President Donald Trump’s tariffs persists. The market is closely monitoring the U.S. personal consumption expenditures price index. Holdings of the SPDR Gold Trust have seen an increase.

Gold prices experienced a slight decline on Friday as investors refrained from making significant commitments in anticipation of an important U.S. inflation report, which may provide further insight into the Federal Reserve’s policy direction. Spot gold experienced a decline of 0.1%, priced at $3,312.85 per ounce, as of 0100 GMT. Bullion has appreciated by 0.6% thus far in May, positioning itself for a fifth consecutive monthly increase. U.S. gold futures experienced a decline of 0.2%, settling at $3,310.50. Global equities experienced an uptick, while the U.S. dollar faced depreciation on Thursday, as market participants processed the implications of a continuing legal dispute regarding President Donald Trump’s “Liberation Day” tariffs. A federal appeals court has temporarily reinstated the most extensive of Trump’s tariffs, following a ruling from a U.S. trade court that determined Trump had overstepped his authority in imposing the duties and mandated an immediate halt to them.

Investors are currently anticipating the release of the April U.S. personal consumption expenditures (PCE) price index report, which is regarded as the Federal Reserve’s preferred measure of inflation, expected later today. According to San Francisco Fed President Mary Daly, Fed policymakers may still implement two interest rate cuts this year as initially projected in March. However, she emphasized that for the time being, rates should remain stable to ensure that inflation aligns with the central bank’s 2% target. Data released on Thursday indicated that the number of Americans submitting new applications for unemployment benefits rose more than anticipated in the previous week. SPDR Gold Trust, the preeminent gold-backed exchange-traded fund globally, reported an increase in its holdings by 0.50%, reaching 930.20 metric tons on Thursday, up from 925.61 tons on Wednesday. In other markets, spot silver decreased by 0.3% to $33.23 per ounce, while platinum saw a slight decline of 0.1% to $1,080.93. Palladium also experienced a marginal drop of 0.1%, settling at $972.11.