Gold prices are expected to be range-bound next week; support zone seen at $1920-$1930

Gold closed the week with a minor loss of 0.10% settling at $1958 amidst a data and event-heavy week. The US Dollar Index closed with a weekly loss of over 2% at 102.30. The Federal Reserve held interest rates as expected in its FOMC meeting but projected a terminal rate projection for 2023-end at 5.60%, higher than the previous projection of 5.10%, indicating its intention to hike the rate twice more this year. The ECB hiked the deposit rate by 25 bps and the Bank of Japan maintained its ultra-easy monetary policy. Next week, investors will look forward to Federal Reserve Chair Powell’s semiannual monetary policy.