Gold extends the rally after the soft NFP, but the US CPI could wipe out all the gains

Gold pushed to new highs after a softer-than-expected NFP report last Friday sparked dovish repricing for US Federal Reserve rate expectations, even as the labor market still looks comparatively resilient. The unemployment rate fell further to 4.1%, helping temper the headline impact of job losses. Ahead of tomorrow’s US CPI, price action is expected to turn rangebound or pull back as traders hedge into the inflation release. A hotter CPI would likely pressure gold as rate-hike bets rise; a cooler print could extend the rally. Key levels cited include near 4,500 and potential moves toward 4,800 or down to 3,885.