After the Gold price had begun sliding in the wake of the robust US labour market data at the beginning of the month, it could receive some tailwind again from US data this week. This is because Wednesday’s US inflation figures are likely to signal a further easing of the price pressure. 

No serious moves are likely ahead of next week’s Fed meeting, however, nor would they be particularly justified. After all, the US Fed could still leave the door wide open to a further tightening of monetary policy despite the declining (core) inflation, which would be bad news for Gold.