Gold slides to over one-month low ahead of key US data

Gold bars 

Gold prices fell to their lowest level in more than a month on Thursday, as investors awaited key US economic data expected to offer fresh clues on the Federal Reserve’s monetary policy outlook.

June gold futures dropped 1.45%, or $45.5, to $3,142.8 an ounce after touching a session low of $3,138.3 — the weakest level since April 10.

Spot gold slipped 1.15% to $3,140.52 an ounce by 08:19 a.m. Mecca time (05:19 GMT), down $36.73 on the day.

Silver futures for July delivery shed 1.65% to $31.91 an ounce. Spot platinum rose 0.1% to $986.18, while spot palladium dipped 0.3% to $951.97.

The US dollar index, which tracks the greenback against a basket of six major currencies, eased 0.2% to 100.85.

Fed Chair Jerome Powell is scheduled to deliver opening remarks at a research conference in Washington, D.C., later in the day. Markets are also awaiting US producer price index (PPI) data for further signals on the inflation path and policy direction.