Gold Firms Above $4,100 as Soft PCE and Weaker Dollar Counter Fed Hawkishness

Gold prices held above $4,100 as softer June PCE inflation and a weaker U.S. dollar helped metals rebound after Wednesday's hawkish Fed hold.

The spot price of gold was trading near $4,107.20 an ounce, up 0.55%, while the spot price of silver was trading near $59.27, up 1.84% on the session.

North American equities closed sharply higher as Microsoft's earnings reignited the AI trade and helped Wall Street reverse Wednesday's Fed-driven selloff.

The data showed real GDP rose at a 1.5% annualized pace in the second quarter, down from 2.1% in the first quarter, while June headline PCE fell 0.1% on the month and slowed to 3.7% year over year.