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Gold futures experienced a resurgence on Thursday, driven by growing optimism surrounding Friday's upcoming Personal Consumption Expenditures (PCE) report. The U.S. Bureau of Economic Analysis (BEA) is set to release this crucial economic indicator, which measures changes in prices for goods and services purchased by American consumers.

Gold prices continued to trade lower, now for the second consecutive day. As of 5:30 PM ET, the most active August gold futures contract was fixed at $2,309.40, down $22.30 or - 0.96%.

This Friday's Personal Consumption Expenditures (PCE) report is poised to be one of the most significant economic indicators released this month. Economists surveyed by Dow Jones Newswires and the Wall Street Journal anticipate a deceleration in consumer prices for May, potentially signaling a shift in the inflationary landscape.

Key Expectations

Gold futures saw modest gains on Monday, primarily driven by a weakening dollar. As of 4:15 PM ET, the most active August gold contract settled at $2,345.90, up $11.20 or 0.48%. The dollar index declined by 0.35% to 105.491, contributing significantly to gold's upward movement.

Gold prices have experienced moderate to strong daily fluctuations as recent economic reports paint a mixed picture of the U.S. economy. Market participants remain focused on the Federal Reserve's potential trajectory regarding both the magnitude and timing of interest rate cuts this year.