Gold falls as strong US data fuels expectations of rate cut delays
Spot gold was down 0.6% at $3,306.57 per ounce, as of 9:34 a.m. ET (1334 GMT). U.S. gold futures fell 0.6% to $3,303.40.
"The releases that just came out really look quite supportive for the economy. GDP was an upside surprise. Same with labor market addition. So both indicate that the Fed can continue to wait on cutting rates," said Nitesh Shah, commodities strategist at WisdomTree.
The ADP National Employment report showed U.S. private payrolls rising more than expected in July, though signs of a slowing labor market persisted. Separately, a Commerce Department report showed second‑quarter GDP grew 3%, beating forecasts of 2.4% in a Reuters poll.
The U.S. central bank is widely expected to leave rates unchanged later in the day, resisting pressure from U.S. President Donald Trump's repeated calls for cuts. Traders currently see a 60% chance of the Fed cutting rates in September versus 66% before the data.
Market participants will be parsing Fed Chair Jerome Powell's comments due at 2:30 ET (1830 GMT) for any nuance on the timing and trajectory of policy shifts.
Shah noted that the louder the administration voices its distaste for current policymaking, the more likely it is to drive gold prices.
Gold tends to do well in a low-interest rate environment and during periods of uncertainty.
On the trade front, U.S. and China agreed to extend their 90‑day tariff truce following two days of what were described as constructive talks in Stockholm.
Elsewhere, spot silver fell 1.5% to $37.61 per ounce, platinum slipped 1.1% to $1,380.25 and palladium was down 0.5% to $1,251.88.
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