02:00 PM EDT, 04/30/2025 (MT Newswires) -- (Updates prices.)

Gold prices traded lower for a second day mid-afternoon on Wednesday as the dollar rose after the United States reported its economy slowed in the first quarter.

Gold for June delivery was last seen down US$13.40 to US$3,320.50 per ounce.

The drop comes as the Bureau of Economic Analysis reported the U.S. economy weakened by 0.3% in the first quarter, down from growth of 2.4% in the final quarter of 2024, and under expectations for a rise of 0.8%, according to FactSet. Private sector hiring also dropped, as the ADP Employment Report showed hiring fell to 62,000 new jobs in April, under the expected rise of 134,000 positions and down from 147,000 in March.

China also released bearish data on Wednesday, with the country's manufacturing sector slowing in April following the imposition of a 145% tariff on its exports to the United States by President Donald Trump. The April purchasing managers' index fell to 49.0 in April. A reading below 50 implies a fall in activity for the sector.

The dollar rose following the GDP report, with the ICE dollar index last seen up 0.19 points to 99.42. Treasury yields fell, with the U.S. two-year note last seen paying 3.629%, down 2.7 basis points, while the yield on the 10-year note was down 1.1 points to 4.17%.