Gold prices continued their downward trajectory, reaching a two-week low on April 23 as investors cashed in on profits ahead of key economic data from the United States. The de-escalation of tensions in the Middle East, particularly following Iran’s declaration against retaliation in response to an Israeli drone attack, has led to a shift in investors’ risk appetite, away from safe-haven assets like gold. Furthermore, signals from the US Federal Reserve, hinting at no immediate interest rate cuts in June, have reduced the allure of non-interest-yielding gold. The market now anticipates the first Fed rate cut in September at the earliest. Investors await the release of US GDP data on Thursday and Personal Consumption Expenditures (PCE) figures on Friday for insights into the economy’s health and the timing of potential rate cuts.