Gold prices fell during early global trading by about 1%

  • 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.

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