• Gold price oscillates in a narrow trading range around $2,035 on the softer USD. 
• Four Fed officials emphasized that they don’t see an urgent case to cut rates and more evidence of inflation data is needed. 
• The ongoing Middle East geopolitical tension might boost traditional safe-haven assets like gold. 
• The January Chinese Consumer Price Index (CPI) and Producer Price Index (PPI) will be the highlights on Thursday. 

Gold price (XAU/USD) remains confined in a narrow trading band above the $2030 mark per troy ounce during the early Asian trading hours on Thursday. Four Federal Reserve (Fed) officials emphasized that they don’t see an urgent case to cut rates, and the central bank would like to see more evidence of inflation data before it acts. The yellow metal benefits from the safe-haven flow amid the ongoing geopolitical tensions in the Red Sea. The gold price currently trades near $2,035, adding 0.07% on the day. 

Meanwhile, the US Dollar Index (DXY), an index of the value of the USD measured against a basket of six world currencies, drops to the 104.00 mark. The US Treasury yields edge lower, with the 10-year yield standing at 4.11%.

Fed Governor Adriana Kugler, Boston Fed President Susan Collins, Minneapolis Fed President Neel Kashkari, and Richmond’s Thomas Barkin were all noncommittal on when the US central bank can start reducing the Fed’s benchmark lending rate from a two-decade high, despite a marked improvement in inflation last year.

Fed Governor Adriana Kugler, Boston Fed President Susan Collins, Minneapolis Fed President Neel Kashkari, and Richmond's Thomas Barkin were all noncommittal to talk about the timeline of interest rate cuts, despite a significant improvement in inflation last year. The languages generally match Fed Chair Jerome Powell's message from the previous week, which emphasized that the US central bank isn't ready to begin rate cuts until policymakers are confident that inflation is on track to reach the 2% target