Gold skids on profit-taking, with US economic data on radar
US GDP data due at 1230 GMT
Platinum, palladium to stay sub-$1,000 in 2024 -poll
Updates prices
By Ashitha Shivaprasad
July 25 (Reuters) -Gold prices fell 1% on Thursday as investors booked profits ahead of U.S. economic data that could offer more cues on when the central bank will cut interest rates this year and by how much.
Spot gold XAU= fell 1% to $2,372.74 per ounce by 0725 GMT. U.S. gold futures GCcv1 dropped 2.1% to $2,366.00.
"When you look from a fundamental perspective, there are no factors pressuring gold. So, it looks like we are seeing some profit-taking and from a technical perspective, prices could move lower," said Kelvin Wong, OANDA's senior market analyst for Asia Pacific.
The markets are awaiting U.S. gross domestic product data, due at 1230 GMT, and personal consumption expenditure (PCE) data -- the Federal Reserve's favoured measure of inflation -- on Friday to calibrate their expectations of the timing of rate cuts.
Traders are expecting that the Fed will deliver a long-awaited rate cut in September. Non-yielding bullion's appeal tends to shine in a low-interest-rate environment. FEDWATCH
If PCE data shows that inflation is slowing and the Fed can cut rates in September, then "we will see a resurgence in gold prices", Wong said.
A Reuters poll showed that gold prices are poised for a fresh run to record highs in the coming months, while platinum and palladium will stay below $1,000 per ounce in 2024.
"A continuation of election-related uncertainty and rising geopolitical threats will add more volatility and likely impact broader macro variables," the World Gold Council said.
"This, in turn, could drive investors to evaluate how they might mitigate risk in their own portfolios and draw them towards a safe-haven asset like gold."
Among other metals, spot silver XAG= fell 3.7% to $27.91 per ounce.
Platinum XPT= eased 1% to $938.30 and palladium XPD= slipped 2.1% to $913.25.
Spot gold price in USD per oz https://reut.rs/4cUKA9o
Reporting by Ashitha Shivaprasad in Bengaluru; Editing by Subhranshu Sahu and Savio D'Souza
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