Gold slightly up ahead of key economic data

Gold prices rose slightly today, Feb. 29, ahead of the release of the monthly reading of the Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures (PCE) Index, as well as the weekly data on US jobless claims.

Gold futures contracts for April delivery increased modestly by 0.10%, or $2, to $2044.70 per ounce at 12:14 pm Makkah time, while spot prices stabilized at $2,035.54 per ounce.

Elsewhere, silver contracts for May delivery rose by 0.13% to $22.67 an ounce, in tandem with a 0.96% hike in platinum spot prices to $888.76 per ounce.

“The PCE data is significant, with an upside surprise bringing downside risk for gold ... bullion is range-trading at the moment and it’s a surprise that it’s holding up this well,” said Kyle Rodda, a financial market analyst at Capital.com, Reuters reported.

Today, investors are awaiting the release of the PCE Index reading in the US, amid expectations for an increase of 0.6% in January, after adding 0.2 in December 2023.