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Gold climbs after important US economic data
Gold prices rose on Thursday even as the dollar inched up against most major rivals, with the precious metal continuing to receive support from weak US data.
US 10-year treasury yields fell by 6 basis points today after marking gains yesterday.
Earlier data showed US GDP grew by 1.3% in the first quarter, down from 3.4% in the last quarter of 2023.
US unemployment claims rose by 3 thousand to 219 thousand last week.
Tomorrow, important US consumer spending data will be released, and it’s the Fed’s favorite gauge for inflation.
Otherwise, the dollar index rose 0.1% as of 20:06 GMT to 104.7, with a session-high at 105.1, and a low at 104.6.
On trading, gold spot prices rose 0.9%, or $21.80 to $2363 an ounce.
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