In the coming week, the spotlight will be on US inflation numbers. A continuation of the disinflationary trend may add to rate cut bets, boosting gold prices to new highs. Conversely, a hotter-than-expected figure may lead market participants to factor in fewer rate cuts for the year.
As geopolitical tensions in the Middle East continue to simmer, oil prices are expected to remain highly volatile, posing a potential threat to global supply.
Crude oil prices may remain supported amid fears of disruptions and the need for vessels to divert, especially as Saudi Arabia warned that recent actions by the US and its allies could inflame tensions.