Gold inches higher as dollar softens, focus shifts to US economic data
Gold prices
nudged higher on Thursday, supported by a softer dollar, as investors looked ahead to upcoming U.S. economic data for hints on the Federal Reserve's potential direction on interest rates.
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Spot gold
was up 0.1% at $3,334.80 per ounce, as of 0007 GMT. * U.S. gold futures rose 0.2% to $3,348.70.
* The dollar was down 0.2% against its rivals, making greenback-priced bullion less expensive for overseas buyers.
* U.S. President Donald Trump said on Wednesday he would likely seek a commitment from Iran to end its nuclear ambitions at talks next week and credited U.S. strikes on Iran with bringing a swift end to the war between Israel and Tehran.
Live Events
* Anxious Iranians and Israelis sought to resume normal life after 12 days of the most intense confrontation between the two longtime foes, following a ceasefire that took effect on Tuesday.
* Meanwhile, Federal Reserve Chair Jerome Powell told a U.S. Senate panel on Wednesday that while Trump's tariffs may cause a one-time price hike, the risk of persistent inflation is significant enough for the central bank to be cautious about further rate cuts.
* Markets are awaiting
U.S. GDP data
due later in the day and Personal Consumption Expenditures (PCE) data on Friday. * Investors are currently anticipating 64 basis points worth of Fed rate cuts by the end of this year.
* Bullion tends to do well during periods of uncertainty and in a low-interest-rate environment.
* Spot silver was steady at $36.33 per ounce, platinum firmed 0.9% to $1,366.28, while palladium was up 1.3% at $1,071.40. DATA/EVENTS (GMT) 1230 US Durable Goods May 1230 US GDP Final Q1 1230 US Initial Jobless Clm 21 June, w/e 1430 US EIA-Nat Gas Chg Bcf, Nat Gas-EIA Implied Flow 20 June.
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