Gold prices (XAU/USD) retreated after hitting a near two-week high of $4,697 on Tuesday, according to FX Street. The precious metal was trading around $4,615 as investors awaited the release of the US Personal Consumption Expenditures (PCE) Price Index data.
During the European session on Wednesday, gold prices declined by approximately 0.75%, hovering near $4,620. The PCE Price Index, a crucial gauge of US inflation, is scheduled for release at 12:30 GMT, prompting cautious positioning among market participants.
For Japanese investors, movements in gold and the US dollar are significant, as shifts in inflation expectations can influence the yen and broader risk sentiment across FX and equity markets.