This is the gold price set up going into the Fed meeting next week

Gold's move has fizzled out after approaching $2,000 an ounce earlier this week on the idea that the Federal Reserve might be close to a peak in rates. And analysts are now gearing up to parse through the Federal Reserve Chair Jerome Powell's comments following a widely expected 25-basis-point hike on Wednesday.

"Gold prices are softening as the dollar firms up after reports that the BOJ is leaning towards leaving yield curve control strategy unchanged," Moya said."The dollar is riding a small wave here, and that is putting gold's third weekly gain at risk." Next week, markets will be digesting the Federal Reserve, the European Central Bank, and the Bank of Japan's monetary policy statements.

Behind this optimism was June's inflation data, which showed inflation sharply cooling in the U.S. The consumer price index rose 3% last month — the slowest pace in over two years. And the core CPI measure, which excludes volatile food and energy prices, was up 4.8%, marking the slowest advance since 2021.

"In his press conference, Chair Jerome Powell may even go as far as to stress that additional rate hikes this year are still necessary," Ashworth said."Markets are unconvinced, however, and broadly agree with our view that the Fed is almost done tightening."

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