Looking ahead, as prices are hovering near multi-year highs, there are chances of a technical correction, but such moves are unlikely to set into major liquidation. Since the supply-demand dynamics are supportive of prices, the ongoing positive sentiment will remain intact for the short run.
In March, the consumer price index in the US rose faster than anticipated, leading to increased inflation. This development is expected to delay any potential interest rate cuts by the Federal Reserve in the near future.