Gold trims decline after US producer prices data

Gold prices trimmed some losses on Thursday after weaker-than-expected US producer inflation data raised hopes for two rate cuts in 2024, even as the Federal Reserve's projections called for just one cut this year, reports Reuters.
Spot gold was down 0.2 per cent at $2,318.47 per ounce, as of 1318 GMT. Prices fell as low as $2303.84 before the data. US gold futures were down 0.9 per cent to $2,333.70.
US producer prices unexpectedly fell in May amid lower energy costs, indicating that inflation subsided after surging in the first quarter.