The growing soft-landing and higher-for-longer rates narrative sapped investor appetite for the yellow metal. The upbeat CPI and Retail Sales data only further emboldened this narrative, suggesting the bulls will need to be patient for another upside catalyst. 

However, precious metals prices firmed to end the week, suggesting that while the outlook remains glum in the face of higher rates for longer, traders may be positioning for a reversal of the soft-landing narrative in anticipation of a Fed mistake.