Is the Fed's interest rate path likely to change

Earlier, because of the poor performance of US inflation data, the market reassessed the Fed's interest rate cut expectations. Concerns are growing that the global economy will slow this year, dampening demand.

On the one hand, a series of concerns kept the price of gold under pressure above $2,000; on the other hand, the prospect of an economic recession and the relatively high demand for gold as a safe haven made it seem that the price of gold was at $2,000 per ounce. Moreover, the crisis in the US banking industry also promoted the influx of capital into the gold market to a certain extent.

Notably, gold fell sharply in the previous session as poor U.S. producer price index (PPI) data lowered market expectations for the Federal Reserve to cut interest rates this year.