2024.03.1410:11:00UTC+00Gold Dips As Dollar Gains Ahead Of Key US Data

Gold edged lower in cautious trade on Thursday as the dollar strengthened ahead of key U.S. data due later in the day that could offer additional clues on the interest rate outlook.

Spot gold dipped 0.2 percent to $2,170.02 per ounce while U.S. gold futures were down 0.3 percent at $2,174.40.

Bullion faced pressured due to the dollar's resilience before the release of a raft of data this week.

The U.S. producer price inflation data for February due out later in the day along with other reports on weekly jobless claims and retail sales may sway sentiment as the trading day progresses.

Producer prices are expected to rise by 0.3 percent in February, matching the increase seen in January, while the annual rate of producer price growth is expected to accelerate to 1.1 percent from 0 .9 percent.

Retail sales expected to rebound in February after slumping in January.

On Friday, trading may be impacted by reaction to reports on import and export prices, industrial production and consumer sentiment.

The University of Michigan's preliminary report on consumer sentiment in March includes a reading on inflation expectations.