Gold extends losses ahead of US economic data

Gold alloys

Gold prices continued their fall on Tuesday, after witnessing their highest drop in a year yesterday, April 22, as geopolitical tensions eased in the Middle East.

Gold for June delivery inched down 0.99% or $23 to $2,323.10 per ounce at 09:03 am KSA Time, following a 2.8% fall on Monday.

Spot gold was down 0.89% at $2,306.63, while the most active silver futures for May delivery decreased by 0.86% to $27.01. Additionally, spot platinum shed 1.2% to $911.30 per ounce.

Gold futures recorded their lowest settlement since April 5 at the end of the first trading session this week, recording the biggest daily drop since February 3, 2023, as investors shifted their focus towards monitoring economic activity in the US to anticipate more information about the path of the monetary tightening cycle.

Investors are awaiting the release of industrial and services activity data in the US today, amid expectations that the Purchasing Managers' Index (PMI) will fall to 51.8 points in the preliminary April reading from 51.9 points in March.