NEW YORK: Gold prices slipped to their lowest in about two months on Thursday, after a drop in US weekly jobless claims numbers favoured the Federal Reserve’s stance that interest rates would have to go higher to control inflation.

Spot gold was down 0.2% at $1,821.34 per ounce by 12:33 p.m. ET (1733 GMT), having touched their lowest level since Dec. 30 earlier. US gold futures fell 0.7% to $1,828.70.

The number of Americans filing new claims for unemployment benefits unexpectedly fell last week, pointing to a tight labour market and inflationary pressures.

Meanwhile, the country’s gross domestic product increased at a revised 2.7% annualised rate in 2022’s fourth-quarter, revised down from 2.9% reported last month.