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Trade developments, risk appetite and position adjustment are liable to dominate the gold price discussion during the week ahead, with the U.S. interest rate debate on hold for the very short term. Gold moved lower during the first half of the past week before reversing and posting significant net gains – with five-week highs near $1,350 per ounce – under the influence of a sharp deterioration in risk appetite.

U.S. data releases are unlikely to have a major impact during the coming week, with expectations of another very robust reading for Tuesday's consumer confidence release. The most important releases will be on Thursday, with the latest jobless claims and Chicago PMI data giving fresh insight on underlying trends. The core PCE prices index will also be watched closely given the ongoing focus on inflation trends. The data have been in line with consensus expectations over the past few months, limiting the impact, but an erratic reading would trigger a jolt to markets.

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