Grapevine

Gold prices climb as investors focus on U.S. economic data

Gold prices inched higher on Wednesday, with investors awaiting U.S. economic data that could influence the Federal Reserve's rate-cut timeline.

Spot gold was up 0.3% at $2,416.62 per ounce, as of 0402 GMT. U.S. gold futures gained 0.4% to $2,417.10.

Investors expect key U.S. data releases this week, including the second-quarter gross domestic product (GDP) reading on Thursday and the June personal consumption expenditures (PCE) price index number on Friday, to offer more cues about the rate-cut timeline.

"If either the GDP or core PCE figures produce an upside beat, this could provide a stumbling block for gold in the short term on dollar strength," said Tim Waterer, KCM Trade's chief market analyst.

But "the near-term outlook for gold remains constructive from a fundamental point of view, given that the Fed appears to be on the doorstep of a rate cut."