Gold is back on the defensive after this morning’s positive Q1 GDP revision. Growth in the first 3-months of the year was revised to 1.4%, above expectations of 1.2%.
U.S. yields have rebounded from recent lows, which has moved the dollar off the fresh 8-month lows established in earlier trading. Nonetheless, the dollar index is still trading lower on the day. Persistent weakness in the greenback should help to limit the downside in gold.
Initial jobless claims rose 2k to 244k last week. Continuing jobless claims rose 6k to 1948k. Later this morning we have the Bloomberg consumer comfort index, M2, Ag prices and EIA natural gas stocks. We’ll also hear FedSpeak from St. Louis Fed President Bullard.