Gold prices uncertain ahead of Fed decision and inflation data.

The gold market is ending the week 0.4% higher after finding solid support at the $1,960 an ounce level. Analysts are less bullish on gold in the short term, citing risks of more Fed rate hikes and higher U.S. dollar weighing on the precious metal. The FOMC June 13-14 meeting is important because of the rate decision, the updated economic projections, and the new dot plot, which will give some idea about the Fed's reaction function over the next few months. The Fed is expected to keep rates unchanged at 5.25% next week, letting the lag effects of monetary policy tightening from the last 15 months take effect.