Gold rises on weaker dollar, eyes on U.S. GDP data

April 27, according to foreign media reports, gold prices rose on Thursday, supported by a weaker dollar, while investors focused on U.S. GDP growth data for clues on when the Federal Reserve might consider pausing interest rate hikes. As of 10:15 Beijing time, spot gold rose 0.34% to $1995.84 an ounce. The dollar index edged lower, making gold cheaper for holders of other currencies. The U.S. House of Representatives narrowly passed a bill to raise the government’s $31.4 trillion debt ceiling on Wednesday, ignoring President Joe Biden’s demands and attaching conditions of deep spending cuts over the next decade. Traders are now focused on the release of quarterly U.S. GDP data, followed by the core personal consumption expenditures index, the Fed‘s preferred inflation gauge.