Gold Dips From Over-Four-Month High As Investors Await U.S. Data
Gold fell on Thursday trade in Asia, coming from its highest level in four months in the previous trade session as investors await key U.S. economic data due later in the day.
Gold futures slipped 0.04% to $1,900.50 by 1:35 AM ET. The greenback, which usually moves inversely to gold, gained on Thursday and the 10-year benchmark U.S. Treasury yield added 1.58%.
Investors anticipate the U.S. Federal Reserve’s key policy decision in light of possible runaway inflation, even if Fed officials have reaffirmed that any inflation is temporary and the central bank will keep its current dovish monetary policy as long as necessary.
Meanwhile, investors are waiting for the release of U.S. data, including GDP for the first quarter of 2021, initial jobless claims for the previous week, as well as Core Durable Goods Orders and Pending Home Sales for April, due later in the day.
In other precious metals, palladium lost 0.2%. Silver declined 0.4% to $27.59. Platinum was down 0.7%.