XAU is preparing steps for recovery

XAU/USD is fluctuating around 2,325 USD/ounce. World gold prices moved sideways as investors waited for US inflation data, expected to be released later this week with the focus on the US core PCE index. This makes investors increase their expectations that the Fed will soon reduce interest rates in the next few months, supporting gold - a non-yielding asset.
Analysts predict that, later this week, the US core personal consumption expenditure index report for May will be released. If the data is weaker, it may increase the possibility of the US Federal Reserve (Fed) ) early interest rate cuts in 2024 will support precious metals. On the contrary, higher-than-expected data will cause gold to fall deeper.