During early trading in the Asian market, the price of gold has slightly decreased, influenced by concerns about inflation and weakening hopes of a rate cut by the Federal Reserve.

Due to concerns about inflation and weakened hopes for a Fed rate cut, the price of gold edged lower in early trading. Spot gold fell by 0.2% to $4,644.51 per ounce. Antonio Di Giacomo, senior market analyst at XS.com, stated in an email: "Since the end of February, oil prices have surged by over 40%-50%, intensifying global inflationary pressures." The senior market analyst said: "Furthermore, the message from the Fed has been clear: rate cuts will be limited and gradual." The analyst added: "Therefore, gold is facing a less favorable environment."