Gold Prices

Gold prices rose on Thursday to fresh record highs while the dollar eked out gains against major rivals, with the precious metal marking a quarterly profit.

US Economic Data

Earlier US data showed GDP growth at 3.4% in the fourth quarter of 2023, beating estimates of 3.2%. US unemployment claims fell to 210 thousand in the week ending March 23, below estimates of 214 thousand. The University of Michigan’s consumer confidence index rose to 79.4 from 76.5, marking mid-2021 highs. US pending home sales also rose 1.75% m/m in February, while falling 7% y/y.

US Personal Spending Data

Now investors await the important US personal spending data on Friday, which is the Fed’s favorite inflation index.

Dollar Index

The dollar index rose 0.2% as of 20:04 GMT to 104.4, with a session-high at 104.5, and a low at 104.3.

Gold Spot Prices

On trading, gold spot prices rose 1.3%, or $29.5 to $2241.70 an ounce, with a weekly profit of 2.6%, and a quarterly profit of 6%.

Monitoring Market Movements

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