The price of gold was struggling to move past the $1,400-mark Thursday morning, with the US dollar trading mixed ahead of the release of today's macroeconomic data.
Gold for August delivery, the most actively traded contract, shed $5.10 to $1,386.90 an ounce. Yesterday, gold settled higher near $1,400 with the dollar continuing to trend lower against some major currencies, even as investors continued to weigh prospects of the U.S. Federal Reserve cutting back on its monetary easing program in the near future.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,009.85 tons.
Meanwhile, the U.S. dollar was lingering around its four-month low versus the euro, the Swiss franc and sterling, while moving back toward a fresh two-month low against the yen.
In economic news from the euro zone, Germany's wholesale prices declined for the second consecutive month in May on lower cost of gaseous fuels, Destatis reported. Wholesale prices dropped unexpectedly by 0.1 percent from a year ago, after easing 0.4 percent in April. Economists had forecast a 0.2 percent rise for May.
Elsewhere, the prices of silver and platinum were ticking lower in morning deals.
From the U.S., the Labor Department will release its weekly jobless claims data at 8.30 a.m ET. Economists expect claims to have increased to 350,000 from 346,000 in the previous week.
Simultaneously, the Labor Department will also release its report on export and import price index for May. The consensus estimates call for a 0.1 month-over-month drop in export prices, while import prices may have remained unchanged in the month.
Around the same time, the Commerce Department will release its retail sales report for May. Economists expect a 0.5 percent month-over-month increase in retail sales and a 0.4 percent increase in retail sales, excluding autos.
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Market Analysis
May 08, 2026 15:50 ET Manufacturing and services sector survey results and labor market data from main economies were the highlight on the economics news front this week. Factory orders and jobs report dominated the news flow in the U.S. Similarly, industrial production data from German garnered attention in Europe. In Asia, purchasing managers’ survey results from China and the central bank decision from Australia were in focus.