WASHINGTON (dpa-AFX) - Gold futures settled higher on Wednesday, gaining for a second straight session, as the dollar shed some ground ahead of crucial U.S. inflation data, due later in the week.
Data on Q2 GDP is due on Thursday and PCE data - the Fed's favored measure of inflation - on Friday.
The report on personal income and spending in June, which includes readings on inflation said to be preferred by the Federal Reserve, could have a significant impact on the outlook for interest rates.
The dollar index, which dropped to a low of 104.12 earlier in the day, recovered to 104.32, but still remained in negative territory, losing about 0.14%.
Gold futures for July ended up $8.70 or about 0.36% at $2,413.30 an ounce.
Silver futures for July ended down $0.016 or about 0.05% at $29.116 an ounce, while Copper futures weakened to $4.1075 per pound, losing $0.0385.
In U.S. economic news today, a report from the Commerce Department said new home sales fell by 0.6% to an annual rate of 617,000 in June after plummeting by 14.9% to a revised rate of 621,000 in May.
Economists had expected new home sales to surge by 3.4% to a rate of 640,000 from the 619,000 originally reported for the previous month.
With the unexpected decline, new home sales slumped to their lowest level since hitting an annual rate of 611,000 in November 2023.
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