At 12:30 GMT, the US economy released the second reading of the GDP for the first quarter of 2021, which showed a growth by 6.4% unchanged from the first reading as expected, while the US economy grew by 4.3% during the fourth quarter of 2020.

Oil prices turned lower as the US market opened on Thursday, pulling back from a 3-year high on profit-taking, but today's loss remain limited due to a sharp drop in the US crude inventories.

US crude fell 0.8% to $72.64, after opening at $73.25, and hit a low at $73.58, and Brent crude fell 0.6% to $74.80 a barrel, after opening at $75.27, and hit a low at $75.76.

US crude gained 0.25% yesterday, in the fourth straight daily gain, after hitting a 3-year high of $74.22, and Brent crude rose 0.5% after it hit the highest since October 2018 at $76.00.

The Energy Information Administration reported yesterday that the US crude inventories fell 7.6 million barrels during the past week, while analysts forecasts a drop by 3.6 million barrels.

The total commercial inventories fell to the lowest level since the week ending on March 20, 2020 at 459 million barrels.

While the US output rose 100K barrels last week, with the total at 11.1 million barrels per day.

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.