Spot Gold was mostly steady just below the $3,350 mark on Thursday, as market players braced for the release of key US macro data.
Additionally, the ceasefire between Israel and Iran seemed to have pared demand for safe-haven assets.
US President Trump said that he now expected a relationship with Tehran that would preclude rebuilding its nuclear programme.
Market players were now expecting the key US GDP growth data later today and PCE inflation data on Friday for more guidance on the Federal Reserve’s policy trajectory.
During his second day of congressional testimony, Fed Chair Jerome Powell once again said there had to be no rush to lower interest rates because of uncertainty over the impact of the tariff debate.
Still, “if it turns out that inflation pressures remain contained, we will get to a place where we cut rates sooner than later,” Powell noted.
Markets are now pricing in a more than 85% chance of a Fed rate cut in September.
Spot Gold was last up 0.11% on the day to trade at $3,335.94 per troy ounce.
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