Gold prices drop due to US economic concerns, with GDP contraction and disappointing payrolls.

From Investing.com: 2025-05-01 03:33:00

Gold prices fell for the third consecutive day, dropping by 0.87% due to concerns over the US economic outlook. The US GDP report for Q1 showed a contraction of 0.3%, attributed to a spike in imports ahead of anticipated tariff increases. Private sector payrolls also disappointed, increasing fear of a potential recession. XAU/USD plunged by 1.63% and may face more volatility with upcoming US macroeconomic reports. Euro lost 0.5% against the USD despite exceeding growth forecasts, as the eurozone showed mixed economic performance. The Japanese yen rose by 0.46% after the Bank of Japan’s meeting, maintaining a cautious stance amid global uncertainty.



Read more at Investing.com: Gold Drops for Third Straight Day as US Data Fuels Recession Fears