Despite the minor USD rebound, the gold price gains pace to $2,045.

Cleveland Fed President Mester stated that whether additional raises are required is dependent on the economy.

Annualised GDP in the United States for the third quarter (Q3) was 5.2%, up from 4.9% the previous quarter.

China's NBS PMI and the US Core Personal Consumption Expenditure Price Index (PCE) will be important indicators to monitor.

The gold price (XAU/USD) is up for the sixth day in a row during the early Asian session on Thursday. The US Dollar's (USD) small comeback fails to pull the yellow metal lower. Gold is currently trading near $2,045 per ounce, up 0.04% on the day.

Meanwhile, the US Dollar Index (DXY), which measures the value of the US dollar against a weighted basket of currencies used by US trading partners, has recovered somewhat from its monthly lows to 102.85. Treasury yields are falling, with the 10-year yield at 4.259%.

Late Wednesday, Cleveland Federal Reserve (Fed) President Loretta Mester stated that monetary policy is in a good position to review incoming economic and financial data. Mester would not rule out more rate hikes, but said that whether they are necessary depends on the economy.

In terms of data, the US Gross Domestic Product Annualised for the third quarter (Q3) was 5.2%, up from 4.9% the previous quarter, and better than the market projection of 5.0%. In the United States, the market is pricing a 25 basis point (bps) rate decrease in May 2024 and appears to have abandoned the higher-for-longer rate story.

The NBS Purchasing Managers Index (PMI) data from China on Thursday will be closely watched since it could affect the gold price. It's worth mentioning that China is the world's largest gold producer and consumer, and the better-than-expected figures may aid the precious metal's further rise. The Chinese manufacturing PMI is projected to rise to 49.7, while the services PMI is expected to rise to 51.1. On Thursday, the US will release weekly jobless claims, the Core Personal Consumption Expenditure Price Index (PCE) for October, the Chicago PMI, and Pending Home Sales.