Gold maintains range-bound volatility as market awaits CPI guidance next week.

The price of gold is still in a range-bound market, with the market's focus shifting to the US Consumer Price Index report to be released next Tuesday. The previously released non-farm payroll data suppressed further gains in gold, as the market's re-pricing of rate expectations put pressure on the precious metal. If CPI data is weak, gold is likely to receive a boost; but if the data shows strength, it may trigger a new round of selling. From a more macro perspective, gold is expected to maintain its upward trend, as real yields may continue to decline in the context of the Federal Reserve's loose policy. However, in the short term, further hawkish repricing of rate cut expectations may trigger a pullback.