Gold prices are set for their first weekly decline in three, hovering below the record high of $2,085.4 per troy ounce. The Federal Reserve revealed that Q1 credit standards were tightening after banks reported increased caution and lower demand for loans. US CPI for April saw an unexpected decrease to 4.9%, primarily driven by energy prices, used cars and an ease in food prices. For now, the market expects the Fed to pause its interest rates in June but cut rates later in the year. Gold ETF inflows may continue amid global economic concerns, US debt-ceiling uncertainty, and heightened geo-political tensions.