It appears that interest rate cuts are still likely this year, albeit at a slightly later date. This has been confirmed by statements from FOMC members. They had recently only questioned the market's early timing of a turnaround in interest rates, but not rate cuts per se. 

Nevertheless, Gold's further upside potential is likely to remain limited. This is because a persistently robust US economy, coupled with stubbornly high inflation, argues against a pronounced cycle of rate cuts, meaning that Gold investments would continue to be at a significant disadvantage relative to interest-bearing US assets.