Further volatility is looming for the Gold price in the next few days given that the US inflation data will be published on Tuesday – a data heavyweight that could shift the interest rate expectations of the market significantly again.

The figures would probably have to surprise considerably to the downside for the market to entirely price out any further potential US rate hikes, and this does not appear very likely. Thus, the Gold price is unlikely to have much in the way of further upside potential until the Fed meeting.