Gold prices retreated to their lowest monthly level amid anticipation of economic data and political developments.

Gold prices dropped during today's trading, Thursday, May 15, to their lowest levels in over a month, influenced by investors awaiting key economic data and statements from US Federal Reserve officials.

Market attention is now focused on the US Producer Price Index data, seeking additional insights into the Fed's policy after consumer inflation data showed greater weakness than expected. Markets anticipate a 50 basis point interest rate cut during the current year, starting from October.

Gold is considered a safe haven in times of economic and political uncertainty, and usually benefits from lower interest rates.

Federal Reserve Chairman Jerome Powell is scheduled to deliver a speech in Washington later today, which may provide further hints on monetary policy directions.

On another note, the agreement between the US and China to significantly reduce mutual tariffs and suspend them for 90 days has eased trade tensions between the world's two largest economies. However, global markets remain cautious about potential developments after the deadline.

Gold futures fell by 1.4% to $3142 per ounce, marking the lowest level since April 10 during the current session.