Gold settles below $2,900

Gold bars 

Gold prices deepened their losses on Thursday, pressured by a stronger dollar and profit-taking, as markets await US inflation data.

April gold futures retreated by 1.2%, or $34.7, to $2,895.9 per ounce, the lowest level since Feb. 7.

Meanwhile, the US dollar index, which gauges the greenback’s strength against a basket of six major currencies, rose 0.75% to 107.23 points at 10:50 pm Makkah time.

The real GDP increased by 2.3% YoY in Q4 2024, according to the second estimate released by the U.S. Bureau of Economic Analysis. In the third quarter, the real GDP rose 3.1%.