Gold Continues to Slide Amid Positive U.S. Economic Outlook

Gold and silver prices fell due to better-than-expected US economic data, a surging US dollar index, and rising US Treasury yields. The second estimate of Q1 US GDP came in at 1.3%, beating expectations of 1.1%, and weekly US jobless claims were well below market expectations. The marketplace is still anxious as US lawmakers and the Biden administration have not come to an agreement to extend the government debt limit. The Fitch credit-rating agency put the US on watch for a possible downgrade.