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Gold prices recover some lost ground; CPI awaited for more rate-cut cues.

Gold prices rose in Asian trade on Thursday, recovering slightly from a rough start to 2024, with focus now squarely on upcoming U.S. inflation data for more cues on the Federal Reserve’s plans to cut interest rates.

The yellow metal was still reeling from steep losses over the first week of January, as traders questioned whether the Fed will begin trimming interest rates by as soon as March 2024.

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