Gold rallies ahead of US economic data

Gold bars

Gold prices turned higher today, Aug. 29, as the US dollar declined as investors awaited the second reading of US GDP for Q2 2024, ahead of the release of the Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures (PCE) Price Index.

Bullion for December delivery added 0.59%, or $14.90, to $2,552.70 per ounce at 09:23 am Makkah time, nearing the record peak recorded last Monday at $2,555.20 apiece. Spot prices also advanced by 0.62% to $2,520.11 an ounce.

Similarly, silver futures for September delivery spiked by 1.19% to $29.98 per ounce, in tandem with a 0.91% hike in platinum spot prices to $944.38 an ounce.

Meanwhile, the US dollar index, which gauges the greenback's strength against a basket of six currencies, declined 0.17% to 100.92 points.

All eyes are on today’s release of the second US GDP data for Q2 2024. Expectations suggest a 2.8% annual rise, in line with the previous reading.

This is before the release of the PCE data tomorrow, amid forecasts for a 0.20% jump in July, following a similar increase a month earlier.