- Gold prices fell during early global trading, today, Thursday, by about 1%, as investors took profits, ahead of US economic data that may provide more indications about the timing and amount of the US Federal Reserve’s interest rate cut this year.
- Spot gold fell 0.9% to $2,377.29 an ounce, while U.S. gold futures fell 1.6% to $2,376.70.
- “When you look from a fundamental perspective, there are no factors weighing on gold, so it looks like we are seeing some profit taking, and from a technical perspective, prices could fall further,” said Kelvin Wong, senior market analyst for Asia-Pacific at OANDA.
- Markets are awaiting the US GDP reading due later today, and personal consumption expenditures, the Fed's preferred inflation gauge, due out on Friday for further clues on interest rates.
- Among other precious metals, spot silver fell 2.8% to $28.18 an ounce, platinum fell 0.8% to $940.40 and palladium fell 1.5% to $918.63.
