Gold ticks lower ahead of US data

Gold bars

Gold prices declined marginally on Thursday after hitting their lowest level since April 2 on Wednesday. Investors are anticipating the final Q1 2024 GDP report today.

Gold futures for August delivery edged up 0.11% to $2,310.70 per ounce at 9:39 am Makkah time.

Gold spot prices also rose 0.11%, or $2.54, to $2,300.77 per ounce.

Meanwhile, silver futures for September delivery declined 0.69% to $29.055. Platinum spot prices also fell 0.76% to $1,006.83.

Analysts expect the US GDP for Q1 2024 to increase by 1.4% YoY, compared with previous reading of 1.3%.