Gold prices rise on softer dollar

NEW YORK, July 24 (Reuters): Gold prices rose on Wednesday as the dollar slipped with investors' focus shifting to U.S. economic data due this week for fresh signals on the timing of the central bank's interest rate cuts.
Spot gold was up 0.7% at $2,425.28 per ounce, as of 1349 GMT. US gold futures gained 0.8% to $2,426.60.
"A weaker US dollar index, lower US stock index prices, and higher crude oil prices," are supporting buying interest for both gold and silver, said Jim Wyckoff, senior market analyst at Kitco Metals.
The dollar index was down 0.2%. A weaker dollar makes bullion more attractive to buyers holding other currencies. The tech-heavy Nasdaq took the biggest hit in a weak open for Wall Street on Wednesday.
Investors are looking forward to a US report on gross domestic product for the second quarter on Thursday and personal consumption expenditures data for June on Friday for clues on the Federal Reserve's interest rate cut path.