Gold Prices Slip as US Inflation Data Keeps Fed Rate Path in Focus

Gold prices slipped from their peak on Thursday as firmer US inflation data kept the Federal Reserve's rate path in focus. The precious metal had earlier touched an intraday high of $4,643 but gave up its gains at the start of US trading.

The higher-than-expected PCE Price Index and other inflation readings suggest that inflation is no longer accelerating sharply, which could temper expectations of an immediate Fed hike.

As a result, the US Dollar recovered modestly, capping gold's immediate upside. The US Dollar Index (DXY) traded around 99.22, while Initial Jobless Claims came in at 203K, supporting the Greenback.

Technically, gold remains above its key moving averages, but resistance is seen at $4,700 and $4,900.