Gold ends in green amid growing expectations for policy easing

Gold alloys

Gold prices turned higher at settlement today, May 30, with US bond yields slumping as investors weighed in recent economic data that supported expectations of monetary easing.

Bullion for August delivery increased 0.1%, or $2.4, to close at $2,366.5 per ounce, after sinking to $2,343.3 an ounce in early trading.

However, the US dollar index, which gauges the greenback's strength against a basket of six currencies, kept flat at 104.66 points at 08:35 pm Makkah time, erasing its previous gains after touching 105.18 points during the session.

Data from the US Labor Department showed that jobless claims added 3,000 applications to stand at 219,000 for the week ended May 25, against forecasts for a 218,000 hike from the previous week’s average, revised upward by 1,000 applications.

According to data from the US Bureau of Economic Analysis, the real gross domestic product (GDP) jumped by 1.3% on an annual basis in the first quarter of this year, versus 1.6% in the preliminary reading, marking a decrease from the 3.4% leap in Q4 2023.