Gold near two-month low, awaiting US data

Gold prices fell to approach the lowest level in two months today, Thursday, as traders reduced expectations of a larger and closer cut in interest rates from the Federal Reserve (the US central bank) this year, while markets awaited a series of US economic data for more clarity on the path of prices. interest this year.

By 1158 GMT, gold in spot transactions rose 0.3% to $1,997.10 per ounce, but remained near its lowest levels since December 13, which it recorded on Wednesday.

According to Reuters, US gold futures rose 0.3 percent to $2,009.20 an ounce.

The dollar index fell 0.1%, making gold cheaper for holders of other currencies.

Data on Tuesday showed an unexpected rise in consumer prices in the United States, as a result of which gold prices fell by 1.4% on the same day.

Traders currently expect that US Federal Reserve policymakers will wait until June before lowering interest rates. Raising interest rates increases the opportunity cost of holding gold.

The focus now is on US retail sales data due at 1330 GMT and Producer Price Index numbers due on Friday.

As for other precious metals, platinum rose in spot transactions 1% to $897.95, and palladium rose 2.4% to $956.81. Palladium recorded an increase of more than 8% on Wednesday.

Silver increased 1.2% to $22.64 an ounce.