Gold prices close below $2,000

Gold prices reversed their uptrend at settlement today, April 26, as investors evaluated recent US economic data.

Today's data showed an improvement in US economic activity. Orders for durable goods advanced 3.2%, surpassing analysts' monthly expectations for March, after two consecutive months of contraction.

The US merchandise trade deficit decreased by 8.1% in March, the lowest level in four months, as exports climbed while imports declined.

Financial markets are suggesting that the Federal Reserve will decide on a 25-basis-point interest rate hike at the next monetary policy meeting in May.

Figures from the CME FedWatch Tool indicated an almost 80% probability that the central bank will lift its benchmark rate at the forthcoming meeting.

The first-quarter US GDP and jobless claims readings will be out later today, ahead of the release of the US Personal Consumption Expenditure Price Index the next day.

In terms of trading, gold for June delivery contracted by 0.40%, or $8.50, to $1,996 an ounce.

Likewise, the US dollar index, which gauges the greenback's strength against a basket of six currencies, shed 0.40% to 101.47 points at 8:39 pm Makkah time.