Gold prices uncertain as economic data and rate hike bets fluctuate.

Gold prices fell for the third consecutive week due to positive US economic data and high inflation, leading to expectations of a 25-basis-point rate hike in June. The US dollar has performed well, and gold prices are expected to remain subdued for much of the quarter. The market has mispriced the Federal Reserve's intentions, and the central bank is focused on inflation. The next support level for gold is $1,940 an ounce, and analysts do not rule out a move lower to $1,900. The debt ceiling debate drama is the one thing to closely monitor as any downgrades to the US credit rating would trigger safe-haven flows into gold.