Gold prices are declining as investors await US economic data.

Gold prices witnessed a decline today, Tuesday, May 27, from their highest levels in two weeks, as investors await further US economic data that may shed light on the future interest rate trajectory.

Spot gold prices showed a 0.4% decrease to reach $2329.29 per ounce, while US gold futures fell by 1.06% to $2330.40 per ounce. This decline followed the closure of markets in the US and the UK yesterday, Monday, due to a public holiday.

This move comes as investors continue to evaluate political and economic developments. Last week, the US House of Representatives approved a version of President Donald Trump's tax cut bill, which the Congressional Budget Office expects to increase the federal debt by $3.8 trillion over the next decade, adding to the current debt of $36.2 trillion.

Trump also backed down from his threat to impose a 50% tariff on EU imports starting next month, returning to the July 9 deadline to allow for trade negotiations between Washington and Brussels.

The market is also focusing on statements from Federal Reserve officials this week, in addition to awaiting the release of the core personal consumption expenditures price index on Friday, which may provide clearer indications of monetary policy trends.

Regarding other precious metals, silver recorded a slight increase in spot trading by 0.1% to reach $33.38 per ounce, while platinum remained stable at $1084.28. Conversely, palladium fell by 0.3% to $984.25 per ounce.