Gold sees modest drop ahead of US economic data

Gold alloys

Gold prices fell slightly today, July 23, as investors awaited the US GDP data for the second quarter of this year and the June reading for the Federal Reserve’s preferred inflation gauge.

Bullion for August delivery slipped 0.10%, or $2.5, to $2,392.20 an ounce at 10:10 am Makkah time, with spot prices also down 0.20% to $2,391.75 per ounce.

Elsewhere, silver futures for September delivery plummeted by 1.42% to $28.91 an ounce, in tandem with a 0.12% decline in platinum spot prices to $949.54 per ounce.

The first reading of the US GDP for the second quarter of 2024 is scheduled to be released on July 25, with forecasts suggesting a 1.9% hike after climbing by 1.4% in the first quarter of the year.

This is a day prior to the release of the Core Personal Consumption Expenditures Price Index reading — the Fed's preferred measure of inflation measure. Expectations indicate a 0.1% rise in June — the same increase recorded in the previous month.