Gold prices fell on Thursday, to head for the third straight daily loss, as profit-taking continued from a 3-week high, while the US dollar rebounded against most of its rivals, ahead of the US economic growth data.

Gold prices fell 0.4% to $1,783.37 an ounce, after opening at $1,791.00, and hit a high of $1,792.05.

Gold closed lower by 0.7% yesterday, due to profit-taking from a 3-week high at $1,809.60 an ounce.

The dollar index rose 0.1% today, to head for the first daily gain in 5 days against a majority of rivals, which weighs down on dollar-denominated metals prices. 

Investors await more cues on the matter, especially with focus on the Federal Reserve Chairman Jerome Powell's speech this week at Jackson Hole Conference.

At 12:30 GMT, the US Q2 growth data will be released, should the data turn out positive, this will boost chances of the Federal Reserve to start tightening the monetary policy soon, and will lift the US dollar further against a basket of major currencies.

Gold stocks at the SPDR ETF fell 2.91 metric tonnes yesterday, with the total at the lowest level since April 9, 2020 at 1,001.72 metric tonnes.

Oil prices fell on Thursday, on track for the first daily loss in 4 days, due to profit-taking from the 2-week high hit yesterday, but losses are being curbed after a large drop in the US crude inventories according to the EIA's official report.

US crude fell 0.9% to $67.37 barrel, after opening at $67.97, and hit a high at $68.12, and Brent crude fell 0.85% to $71.28 a barrel, after opening at $71.90, and hit a low at $72.11.

The US crude gained 0.5% yesterday, its fourth straight daily gain, and hit a 2-week high at $68.51, while Brent crude rose 1%, and hit the highest since August 6 at $72.40 a barrel.

The Energy Information Administration reported yesterday that the US crude inventories fell 4.1 million barrels, during the week ending August 20, while analysts forecasts a drop by 1.9 million barrels.

The total commercial inventories fell to the lowest level since the week ending on January 24, 2020 at 432.58 million barrels, in a positive sign of the US demand levels.

While the US output remained unchanged last week, with the total at 11.4 million barrels per day, marking the US place as the world's largest oil producer.

The US dollar held against most of its counterparts on Wednesday, and pared its early slim gains.

Optimism increased in markets after the US Food and Drug Administration (FDA) has given full approval for the Pfizer-BioNTech Covid-19 vaccine.

Data showed today that the US durable goods orders fell 0.1% July, beating forecasts of -0.3%.

The core durable goods orders reading (excluding food and fuel prices) rose 0.7% last month, beating forecasts of a rise of 0.5%.

The dollar index fell against a basket of major currencies by less than 0.1% to 92.8 points as of 19:26 GMT, after hitting a high of 93.1 points and a low of 92.8 points.