Gold Slips Ahead of Key US Economic Data

Published on May 30, 2024 14:23

Gold slippery as dollar strengthened ahead of second estimate of GDP figures due later in the day, as well as the key US PCE inflation report on Friday. The dollar index remained above 105 on Thursday after a 0.5% jump, driven by rising Treasury yields and expectations of prolonged high US interest rates. A Federal Reserve official hinted at possible further rate hikes if inflation surges. Improved US consumer confidence in May added to the pressure. Investors await revised US GDP figures and the US PCE price index report. MCX bullion futures fell by Rs 300 to Rs 71,970 per 10 grams.