Gold prices nudge up ahead of US data

Gold prices added about $19 today, March 28, as investors awaited a set of US data that may provide clues about the path of interest rates.

Bullion for June delivery soared 0.87%, or $19.20, to $2,231.90 per ounce at 01:48 pm Makkah time, with spot prices also up 0.82% to $2,212.74 per ounce.

Similarly, silver futures advanced 0.25% at $24.82 per ounce, in tandem with a 0.14% hike in platinum spot prices to $901.16 an ounce.

The final reading of the US gross domestic product for the fourth quarter of 2023 is scheduled to be released later in the day, with forecasts suggesting an economic growth of 3.2%. Also, due today are the jobless claims and consumer confidence data.

More focus has shifted to the reading of the Federal Reserve's preferred inflation gauge, the Personal Consumption Expenditures (PCE) Index, which will be released tomorrow, looking for clues about the date of a possible rate reduction.

Recent disappointing inflation data affirms the case for the US central bank to hold off on cutting its short-term interest rate target, Fed Governor Christopher Waller said on March 27.