Gold hits fresh record highs, marking a 6% quarterly profit

Gold Prices

Gold prices rose on Thursday to fresh record highs while the dollar eked out gains against major rivals, with the precious metal marking a quarterly profit.

US Economic Data

• Earlier US data showed GDP growth at 3.4% in the fourth quarter of 2023, beating estimates of 3.2%.
• US unemployment claims fell to 210 thousand in the week ending March 23, below estimates of 214 thousand.
• The University of Michigan’s consumer confidence index rose to 79.4 from 76.5, marking mid-2021 highs.
• US pending home sales also rose 1.75% m/m in February, while falling 7% y/y.

US Personal Spending Data

Now investors await the important US personal spending data on Friday, which is the Fed’s favorite inflation index.

Dollar Index

• The dollar index rose 0.2% as of 20:04 GMT to 104.4, with a session-high at 104.5, and a low at 104.3.

Gold Spot Prices

On trading, gold spot prices rose 1.3%, or $29.5 to $2241.70 an ounce, with a weekly profit of 2.6%, and a quarterly profit of 6%.

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