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Gold prices fell more than 1% on Thursday as investors booked profits ahead of U.S. economic data that could offer more cues on when the central bank will cut interest rates this year and by how much.

Spot gold fell 1.2% to $2,369.20 per ounce by 0533 GMT. U.S. gold futures dropped 1.8% to $2,373.00.

"When you look from a fundamental perspective, there are no factors pressuring gold. So, it looks like we are seeing some profit-taking and from a technical perspective, prices could move lower," said Kelvin Wong, OANDA's senior market analyst for Asia Pacific.

The markets are awaiting U.S. gross domestic product data, due at 1230 GMT, and personal consumption expenditure (PCE) data -- the Federal Reserve's favoured measure of inflation -- on Friday to calibrate their expectations of the timing of rate cuts.

Traders are expecting that the Fed will deliver a long-awaited rate cut in September. Non-yielding bullion's appeal tends to shine in a low-interest-rate environment.

If PCE data shows that inflation is slowing and the Fed can cut rates in September, then we will see a resurgence in gold prices, Wong said.

A Reuters poll showed that gold prices are poised for a fresh run to record highs in the coming months, while platinum and palladium will stay below $1,000 per ounce in 2024.

"A continuation of election-related uncertainty and rising geopolitical threats will add more volatility and likely impact broader macro variables," the World Gold Council said.

"This, in turn, could drive investors to evaluate how they might mitigate risk in their own portfolios and draw them towards a safe-haven asset like gold."

Among other metals, spot silver fell 4.2% to $27.78 per ounce on the day.

Platinum eased 1.3% to $935.90 and palladium slipped 1.6% to $917.75.