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April 23 - Gold prices extended losses for a second day to hit a more than two-week low on Tuesday as diminishing fears about an escalation of tensions in the Middle East prompted investors to book profits ahead of key U.S. economic data this week.
Israeli strikes intensified across Gaza on Tuesday in some of the heaviest shelling in weeks, but with fears of a wider conflict receding after Iran said last week it had no plan to retaliate following an apparent Israeli drone attack, financial markets showed signs of sharper appetite for risk. The market is also closely monitoring signals from the U.S., where inflation data and statements from the Federal Reserve indicate that interest rates may not be cut in June, Khandoshko said.
The market will keep a tab on U.S. GDP data due on Thursday and the Personal Consumption Expenditures print on Friday for more clues on the health of the economy and the timing of cuts.Elsewhere, spot silver fell 0.6% to $27.04. Autocatalyst metals platinum dipped 1.4% to $904.60, and palladium dropped 1.2% to $996.43.
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