Gold prices rose on Thursday, despite the dollar edging up against most major currencies. The precious metal continued to gain support from weak US economic data.
US 10-year Treasury yields fell by 6 basis points today after experiencing gains yesterday.
Recent data revealed that US GDP grew by 1.3% in the first quarter, a slowdown from the 3.4% growth seen in the last quarter of 2023.
Additionally, US unemployment claims increased by 3,000 to 219,000 last week.
Important US consumer spending data, the Fed’s preferred inflation gauge, will be released soon.
Meanwhile, the dollar index increased by 0.1% to 104.7 as of 20:06 GMT, reaching a session high of 105.1 and a low of 104.6.
In trading, gold spot prices climbed by 0.9%, or $21.80, to $2363 an ounce.
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