Sta 2,348 dollars per ounce move the gold futures rising 0.24%, amid poor data from the government bond front.
In particular, US Treasury yields rose after economic data showed signs of persistent inflation, dampening hopes for a rate cut by the Fed in due course.
THE spot price of gold recorded an increase of 0.1% to 2,334 dollars. Prices are down more than $100 from an all-time high of $2,431.29 hit on April 12, fueled by geopolitical turmoil in the Middle East. Gold futures were up 0.24% at $2,348.
US economic growth slowed more than expected in the first quarter, but rising inflation suggests the Fed will not cut interest rates before September.
“Gold is trading on the additional data point that shows the Fed is not in a position to cut interest rates anytime soon,” said Bob Haberkorn, senior market strategist at RJO Futures.
Silver fell 0.2% to $27.23 an ounce. Platinum fell 0.2% to $901.10 and palladium lost 1.9% to $982.25.
