[MARKET ANALYSIS] Spot gold is a little lower awaiting US CPI

Spot gold is a little lower this morning, taking a breather following the strength seen in the prior session, where the yellow metal made fresh ATHs beyond the USD 4.6k/oz mark. Slight pressure today without a clear driver; potentially profit-taking ahead of US CPI.
Price action in Europe has been sideways, and within a USD 4,573.87-4,608.13/oz range. Most recently, XAU has attempted to move back above the USD 4.6k/oz once again. A bit of divergence between gold and silver this morning, with the latter posting modest gains and currently holding at the upper end of the day's range, last at USD 85.76/oz.
Citi said its 3-month price targets for gold and silver are now USD 5000/oz and USD 100/oz, respectively. Analysts highlight the renewed uncertainty surrounding Fed independence after the recent Chair Powell investigation.
Base metals are mixed after choppy trade overnight. 3M LME Copper currently trades within a USD 13,034-13,232/t range. Desks have highlighted that there have been growing fears amongst traders that copper may sharply pull back if demand for the metal slows in 2026, particularly if China curbs spending.