WASHINGTON (dpa-AFX) - Gold prices fell sharply on Thursday due to profit taking after recent strong gains.
Spot gold fell 1 percent to $2,374.44 per ounce while U.S. gold futures were down 1.7 percent at $2,373.90.
Gold had peaked to a record high of $2,483.6 an ounce in the global market last week before falling in response to U.S. President Joe Biden's exit from the White House race.
The precious metal has shed over $100 since last week's record high after Vice President Kamala Harris rapidly became the clear frontrunner for the Democratic nomination.
The dollar was subdued in European trade as investors await U.S. GDP and inflation readings that could offer more cues on when the Federal Reserve will cut interest rates this year and by how much.
U.S. durable goods orders for June, GDP growth rate for the second quarter, weekly jobless claims data, U.S. core PCE price index for the second quarter and U.S. Kansas Fed manufacturing index for July are slated for release in the New York session.
The U.S. yield curve steepened sharply, signaling that the Fed might cut rates faster and deeper than previously anticipated.
Former New Federal Reserve President Bill Dudley has called for the Fed to cut rates now to avoid a recession.
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