Gold Hits $4,677 Per Ounce Ahead of US April CPI Data Release

Global gold prices stood at $4,677.24 per troy ounce ahead of the release of the US Consumer Price Index (CPI) data for April, scheduled for May 12, 2026. Analysts expect gold prices to range between $4,380 and $5,100 throughout May 2026. Strong safe-haven demand driven by geopolitical tensions in the Middle East, particularly related to the Strait of Hormuz crisis, remains a key driver of gold price increases. CME Group data shows the probability of a Fed rate cut to the 3.25-3.50% range in June at only 4.2%, with 95.8% of market participants expecting rates to remain unchanged. World Gold Council analysts believe geopolitical factors will continue to play a key role in supporting gold demand in 2026, with experts optimistically projecting a $5,400-$6,000 range by year-end.