Today's release of the Personal Consumption Expenditures (PCE) price index for March revealed that inflation remains entrenched in the U.S. economy, though not as elevated as some analysts had feared.

Gold futures edged higher on Thursday, with the June 2024 contract settling at $2,344.30 per ounce, up $6.20 on the day. The modest gains were supported by a weaker U.S. dollar, which lost 0.21% to fix the dollar index at 105.44.

Gold futures prices have declined for the last three consecutive days. This price decline occurred after gold futures hit a record high of $2,413.80 per troy ounce on Friday, April 19th, propelled by rising geopolitical tensions in the Middle East.