Oil and Gold Prices to Be Shaped by Key Economic Data Releases

The upcoming week is crucial for oil and gold prices as several key economic data points will be released. The British inflation rate is expected to rise from 2.6% to 2.9% on Wednesday, which could lead to short-term gains for the pound against other currencies.

Additionally, the FOMC minutes on the same day will provide insights into the Federal Reserve's future monetary policy decisions. The possibility of a rate hike has been pushed back to December, but any dovish narratives might further delay it.

The Japanese inflation rate is expected to remain stable at 1.7% on Thursday, which could create volatility for yen pairs. On Friday, flash British manufacturing and services PMI will be released, with expectations of 51.5 and 51.8 points, respectively.