The US dollar fell against a basket of major currencies on Thursday, due to profit-taking from a 2-month high, while demand slowed down following Fed officials' conflicting statements, and ahead of the US Q1 GDP reading.

The dollar index fell 0.15% to 91.66 points, after opening at 91.80 points, and hit an intraday low at 91.87 points.

The index rose 0.1% yesterday, posting its first gain in 3 days and hit a 2-month high of 92.40 points.

The US dollar also fell fell following conflicting statements by some Fed officials about inflation expectations and the future of the US interest rates.

Federal Reserve Chief Jerome Powell hinted in his testimony before the US Congress today that the Fed will adopt a patient approach and stick to its monetary policy for a while before raising interest rates.

Fed members Raphael Bostic and Michael Bowman said Wednesday that this period of high inflation may last longer than anticipated.

At 12:30 GMT, GDP growth is expected up 6.4% in the first quarter, up from 4.3% in the previous quarter, while GDP prices are expected up 4.3%. 

Unemployment claims for the week ending June 19 are expected down 30 thousand to 382 thousand, while continuing claims for the week ending June 12 are expected down 48 thousand to 3.47 million.

Gold prices rose on Thursday, to head for the second straight daily gain, as the US dollar's rally paused following Fed officials' remarks about the US inflation expectations and the future of US interest rates. 

Gold prices rose 0.3% to $1,783.39 an ounce, after opening at $1,778.52, and hit a low of $1,772.84.

Gold closed higher by 0.1% yesterday, within recovery attempts from a 2-month low of $1,760.80.

The dollar index fell 0.1% today, on profit-taking from a 2-month high of 92.40 points.

The US dollar also fell fell following conflicting statements by some Fed officials about inflation expectations and the future of the US interest rates.

Federal Reserve Chief Jerome Powell hinted in his testimony before the US Congress today that the Fed will adopt a patient approach and stick to its monetary policy for a while before raising interest rates.

Fed members Raphael Bostic and Michael Bowman said Wednesday that this period of high inflation may last longer than anticipated

Gold stocks at the SPDR ETF rose 2.91 metric tonnes on Friday, with the total at 1,046.65 metric tonnes.

USD/JPY tilted lower in Asian trade off March 2020 following a spate of data from Japan and ahead of US data and Fed speeches. 

As of 06:50 GMT, USD/JPY fell 0.09% to 110.86, with the highest in 15 months at 111.12. 

From Japan, services prices rose 1.5% in May, up from 1.1% in April, beating estimates of 1.4%. 

From the US, GDP growth is expected up 6.4% in the first quarter, up from 4.3% in the previous quarter, while GDP prices are expected up 4.3%. 

Durable goods orders are expected up 2.9% in May, compared to a 1.3% drop in April, while core orders are expected up 0.8%, compared to a 1% increase in April. 

Unemployment claims for the week ending June 19 are expected down 30 thousand to 382 thousand, while continuing claims for the week ending June 12 are expected down 48 thousand to 3.47 million.

Federal Reserve Bank of Atlanta President Raphael Bostic is due to participate in a virtual panel discussion titled "Rebuilding Sustainably and Equitably" at an online event hosted by the Official Monetary and Financial Institutions Forum. 

Gold prices stabilized on Wednesday, amid focus on the US dollar's movement against its major peers and the Federal Reserve’s statements.

The US manufacturing PMI reached 62.6 points in May, beating forecasts of 61.5 points.

The service PMI fell to 64.8 points in May, missing forecasts of a drop to 70 points from 70.4 points.

Federal Reserve Chief Jerome Powell hinted in his testimony before the US Congress yesterday that the Fed will adopt a patient approach and stick to its monetary policy for a while before raising interest rates.

The dollar index held against a basket of major currencies at 91.7 points as of 19:10 GMT, after hitting a high of 91.9 points and a low of 91.5 points.

Gold spot futures held at $1,777.3 an ounce as of 19:10 GMT, after hitting a day high of $1,795.6 and a low of $1,774.