Gold prices ease as investors await US data

Gold bars 

Gold prices extended losses on Wednesday as investors monitored trade tensions and awaited key US economic data that could offer clues on the Federal Reserve’s rate outlook.

June gold futures fell 0.5%, or $16.6, to $3,317 an ounce by 09:53 a.m. Mecca time. Spot gold slipped 0.38%, or $12.61, to $3,304.8 but remained on track for a fourth straight monthly gain, up nearly 6% in April.

Silver futures for July delivery dropped 1.52% to $33.07 per ounce, while spot platinum edged 0.29% lower to $978.48. The US dollar index, which measures the greenback against a basket of six major currencies, held steady at 99.25.

Investors are eyeing a string of US economic reports due later in the day, including GDP growth, personal consumption expenditures (PCE) inflation, and ADP private payrolls, ahead of Friday’s closely watched nonfarm payrolls report.

Kyle Rodda, market analyst at Capital.com, told Reuters that the PCE data is expected to show continued price moderation, potentially supporting further Fed rate cuts. However, a surprise uptick in inflation could reduce those prospects and weigh on gold prices.