WASHINGTON (dpa-AFX) - Gold futures are slightly higher Thursday morning, giving up most of the gains earned in the Asian session, as traders await some crucial economic data for more clues about the outlook for U.S. interest rates.
The European Central Bank (ECB) has cut interest rate for the first time since September 2019. The ECB today cut key interest rate by 25 basis points, and has raised inflation forecasts for 2024 and 2025.
The ECB has raised the headline inflation outlook for 2024 to 2.5% from 2.3% previously, and upped the forecast for 2025 to 2.2% from 2%.
Gold futures climbed notably higher in the Asian session, with prices hitting a 2-week high, amid signs of a cooling U.S. labor market, and optimism about an interest rate cut by the Federal Reserve in September.
Still, with non-farm payrolls data for the month of May due on Friday, traders appear to have chosen to stay a bit cautious.
The dollar's recovery from lower levels is capping the yellow metal's gains. The dollar index, which had dropped to 104.05 in the Asian session, has recovered to 104.35, netting a small gain.
Gold futures for July are up $2.40 or about 0.1% at 2,366.00 an ounce.
Silver futures for July are gaining $0.317 or 1.05% at $30.390 an ounce, while Copper futures for July are at $4.6505 per pound, up $0.4450, or 0.97% from the previous close.
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