On Monday, the dollar index stabilized around 105.3 as investors prepared for crucial US inflation figures scheduled for release this week, which could shape the Federal Reserve's monetary policy stance.
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In the US, the number of individuals claiming unemployment benefits surged by 22,000 to reach 231,000 for the week ending May 4th.
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The Bank of England is set to announce its interest rate decision today, with expectations leaning toward no change from the current rate of 5.25%.
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Gold remained stable near $2,310 per ounce on Wednesday as investors awaited comments from several Fed officials this week for insights into potential rate cut timelines.
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On Tuesday, gold prices surged beyond $2,320 per ounce, driven by renewed optimism that the Federal Reserve will implement interest rate reductions this year due to disappointing US job growth figures.
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Gold steadied near $2,300 per ounce on Friday, close to its four-week low, as investors awaited US non-farm payrolls data later in the day for insights into the Federal Reserve's policy direction.
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The Fed kept its key interest rate on hold in line with market expectations.
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The global market's attention is currently centered on the forthcoming Federal Reserve interest rate decision and subsequent statements by Fed Chairman Jerome Powell.
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The precious metals market faces prolonged Fed tightening due to alarming inflation data, notably the PCE print.
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