Gold continued to fall to a two-week low in late trading Thursday after the US Bureau of Economic Analysis reported economic growth in the United States as second quarter GDP data was positive.
Indirectly, the figure continues the fall of gold throughout the week.
At 9.40am, the price of gold was at $2,368.73 which is a lackluster change of 0.12% since it opened in the Asian trading session on Friday morning.
The price of the precious yellow metal hit a high on July 17 at $2,483 and has now fallen by about 5%. It was fueled by massive profit-taking activity after US Treasury yields fell and the USD remained strong.
Additionally, US data revealed Gross Domestic Product (GDP) in the second quarter of 2024 was better than expected compared to the first quarter figure.
The number of US citizens filing for unemployment benefits fell at the end of July.
Durable Goods orders fell more than 6% excluding aircraft and transportation as they recovered from May's decline.
Meanwhile, the 10-year US Treasury note slipped more than four basis points lower to end at 4.245% on Thursday.
The market is now sticking with the position that setting 100% for the Federal Reserve (Fed) will cut interest rates by a quarter of a percentage point from the current level in September.
