2024-01-25T06:22:02+00:00
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/ Gold prices are approaching their lowest level in a week, on Thursday, amid the strength of the dollar and the rise in bond yields, while investors are awaiting the US GDP data and the European Central Bank’s monetary policy meeting later on Thursday.
Spot gold rose 0.2 percent to $2,015.83 an ounce by 04:24 GMT, while U.S. gold futures were little changed at $2,015.80.
Gold fell to its lowest level in about a week on Wednesday after data showed the U.S. economy started 2024 on a strong note amid a recovery in business activity in January and signs of slowing inflation.
The dollar index rose 0.1 percent to remain near a six-week high, making gold priced in the greenback less attractive to holders of other currencies.
Markets currently expect a 43 percent chance that the Federal Reserve will cut interest rates in March, and lower interest rates reduce the opportunity cost of holding non-yielding bullion.
Investors are awaiting the first reading of US GDP for the fourth quarter, due at 13:30 GMT, as well as the European Central Bank’s monetary policy decision, due at 15:15 GMT.
Among other precious metals, spot silver rose 0.4 percent to $22.76 an ounce, platinum rose 0.3 percent to $901.53 and palladium rose 0.1 percent to $964.07.