ICICI Direct Broker Research reports

• Spot gold prices trimmed its earlier gains amid higher US treasury
yields but prices managed to settle higher after the US advance GDP
numbers indicated slower growth in the first quarter
. Meanwhile, rise
in advance GDP price index the broadest inflationary indicator raised
the bets that Fed would not cut the rates before September.

Spot gold prices steadied near $2320 as most investors remained
cautious ahead of the key economic numbers from US, which would
bring more clarity on future interest rate path. Meanwhile stronger dollar and higher US treasury yields checked the upside in the bullions
.

Spot Gold prices settled lower and hit the lowest level in last
2 weeks amid reduced safe haven demand as geopolitical tension eased in the
Middle east. However, prices recovered its losses towards later part
of the day after weaker than US manufacturing and service PMI data
weighed on the dollar and treasury yields and supported the rebound in bullions.