Gold off two month low, focus stays on dollar

Published on May 26, 2023 11:52

Gold is attempting to recover from a two month low on Friday tracking a dollar pull back although the dollar index continues to hover above 104 mark, keeping the yellow metal under pressure. Data released by the Commerce Department on Thursday showed economic growth in the U.S. slowed less than previously estimated in the first three month of 2023,. The Commerce Department said gross domestic product climbed by 1.3 percent in the first quarter compared to the previously estimated 1.1 percent increase. However, resurfacing global slowdown concerns amid US debt default and after Germany technically entered recession in first quarter is seen supporting the safe haven commodity. COMEX gold is currently up 0.19% on the day at $1947.40 an ounce.