The US economic growth rate decreased The US dollar fell on Thursday, and gold will face the test of US PCE data

On Thursday, May 30th, as GDP data boosted market confidence in interest rate cuts, the US dollar index fell from its high in over two weeks and ultimately closed down 0.433% at 104.68. The collective decline in US Treasury yields resulted in a final yield of 4.556% for the 10-year US Treasury. The yield on the 2-year US Treasury, which is most sensitive to the Federal Reserve's policy interest rates, ultimately closed at 4.933%.

Gold prices closed slightly higher on Thursday (May 30), with a downward revision in US GDP data for the first quarter, dragging down US dollar and bond yields, helping gold prices rebound after hitting a three week low and closing near $2342.83 per ounce. The focus now will shift to the Personal Consumption Expenditure (PCE) Price Index released on Friday, which is the preferred inflation measure by the Federal Reserve and may have a significant impact on the timing of the Fed's interest rate cuts.

Last week, US oil inventories increased, and international crude oil futures prices closed lower on Thursday (May 30th). As of the close of the day, the price of light crude oil futures for July delivery on the New York Mercantile Exchange fell $1.32, closing at $77.91 per barrel, a decrease of 1.67%; The Brent crude oil futures for July delivery fell $1.74 to close at $81.86 per barrel, a decrease of 2.08%.