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![Saudi Arabia gold prices fall, global rates decline as U.S. economy growth slows in Q1, inflation data awaited](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-22.jpeg/w=1024,h=683)
U.S. economy grew 1.3 percent in Q1 of 2024, significantly slower than 3.4 percent in Q4 of 2023
![Saudi Arabia gold prices dip, global rates decline on stronger dollar ahead of key economic data](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-21.jpeg/w=1024,h=683)
First-quarter GDP data expected to reveal resilience in the U.S. economy, impacting rate cut expectations
![Saudi Arabia gold prices decline, global rates dip as traders reduce rate cut expectations](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-20.jpeg/w=1024,h=683)
Fed officials say the central bank needs to wait for significant progress on inflation before cutting interest rates
![Saudi Arabia gold prices decline, global rates dip as focus shifts to U.S. inflation data](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-19.jpeg/w=1024,h=683)
Strong dollar, possible interest rate hikes are major risks to gold prices
![Saudi Arabia gold prices rise, global rates recover from 2-week low ahead of U.S. inflation data](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-18.jpeg/w=1024,h=683)
Gold prices achieved a record high of $2,449.89 but have since lost over $100
![Saudi Arabia gold prices decline further, global rates eye largest weekly drop in 8 months](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-17.jpeg/w=1024,h=683)
Chinese reserve buying remains a significant tailwind, driving demand and supporting gold prices
![Saudi Arabia gold prices slip, global rates continue decline after Monday’s record high](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-16.jpeg/w=1024,h=683)
Traders are currently pricing in a 73 percent chance of an interest rate cut in November
![Saudi Arabia gold prices dip, global rates down ahead of Fed meeting minutes](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-15.jpeg/w=1024,h=683)
Gold prices held above the $2,400 key level ahead of potential interest rate cuts later this year
![Saudi Arabia gold prices dip, global rates decline from record high on stronger dollar](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-14.jpeg/w=1024,h=683)
The dollar index rose 0.1 percent, making greenback-priced bullion less attractive to holders of other currencies
![Saudi Arabia gold prices rise, global rates hit record high of $2,440.49 on rate cut bets](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-13.jpeg/w=1024,h=683)
The dollar index maintained its downward trend, declining 0.03 percent on Monday
![Saudi Arabia gold prices rise, global rates on track for second weekly gain](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-12.jpeg/w=1024,h=683)
Dollar index declined almost 0.6 percent this week, making gold more affordable for holders of other currencies
![Saudi Arabia gold prices down, global rates rise on cooling U.S. inflation](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-11.jpeg/w=1024,h=683)
U.S. consumer prices increased less than expected in April, which supported bullion
![Saudi Arabia gold prices rise, global rates down ahead of key U.S. inflation data](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-10.jpeg/w=1024,h=683)
Decline in inflation indicators could bode well for the precious metal
![Saudi Arabia gold prices up, global rates rise ahead of U.S. inflation data](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-9.jpeg/w=1024,h=683)
Stagflationary risks in the U.S. continue to support gold prices
![Saudi Arabia gold prices down, global rates decline ahead of U.S. inflation data](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-8.jpeg/w=1024,h=683)
U.S. employment data supported gold prices, which rose over 2 percent by the end of last week
![Saudi Arabia gold prices surge, global rates at over two-week high on rate-cut hopes](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-7.jpeg/w=1024,h=683)
Softer U.S. jobless claims data contributed to the optimism surrounding gold
![Saudi Arabia gold prices up as global rates rise on anticipated U.S. economic data](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-6.jpeg/w=1024,h=683)
Hotter-than-expected U.S. inflation data could potentially drive gold prices down
![Saudi Arabia gold prices rise, global rates up as traders await rate cut cues](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-5.jpeg/w=1024,h=683)
China's central bank marked its 18th consecutive month of gold purchases in April
![Saudi Arabia gold prices slump as global rates decline on geopolitical uncertainty](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-4.jpeg/w=1024,h=683)
Gold prices have established a support base around the $2,280 mark over the past week
![Saudi Arabia gold prices up as global rates rise despite strong dollar](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-3.jpeg/w=1024,h=683)
Currently, markets are pricing a 67 percent chance of a U.S. interest rate cut in September
![Saudi Arabia gold prices rise as global rates inch up ahead of key U.S. payroll data](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-2.jpeg/w=1024,h=683)
Diminishing geopolitical concerns and a reevaluation of interest rate expectations impact bullion
![Saudi Arabia gold prices rise, global rates slip as Fed keeps rates unchanged](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices-1.jpeg/w=1024,h=682)
Powell's assurance that further rate hikes were off the table will help bullion
![Saudi Arabia gold prices decline, global rates marginally rise ahead of Fed’s policy decision](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/05/Gold-prices.jpeg/w=1024,h=683)
Gold prices have declined more than $140 after reaching a record high of $2,431.29 on April 12
![Saudi Arabia gold prices dip as global rates decline ahead of U.S. Fed meeting](https://economysaudiarabia.com/cdn-cgi/imagedelivery/Xfg_b7GtigYi5mxeAzkt9w/economysaudiarabia.com/2024/04/Gold-prices-7.jpeg/w=1024,h=683)
Gold lost 2.2 percent last week amidst easing tensions in the Middle East