Gold price (XAU/USD) struggles to capitalize on the previous day's recovery move from the $2,150 area, or the weekly low and comes under some selling pressure on Thursday. A hot US inflation print fueled speculations that the Federal Reserve (Fed) may delay interest rate cuts. This, in turn, remains supportive of elevated US Treasury bond yields, which assists the US Dollar (USD) to regain some positive traction and turns out to be a key factor exerting downward pressure on the non-yielding yellow metal. 

The markets, however, are still pricing in a greater chance that the US central bank will start cutting interest rates in June, which might hold back the USD bulls from placing aggressive bets. Apart from this, geopolitical risks stemming from the protracted Russia-Ukraine war and conflicts in the Middle East might continue to lend some support to the safe-haven Gold price. Investors might also prefer to wait on the sidelines ahead of the highly-anticipated two-day FOMC meeting starting next Tuesday.