Gold now beats the S&P 500 this year

16:46 GMT – Thursday’s stock market drop means gold is on track to beat the S&P 500 again in 2023. Futures contracts linked to the precious metal are up 9.3% this year, while the index benchmark for American stocks is up 7.7%. (eric.wallerstein@wsj.com)

Metals wobble as markets look to economic data releases

07:37 GMT – Metals prices are wavering as investors pay attention to the European Central Bank’s monetary policy decision and US GDP data, both due later today. Three-month copper is up 0.1% at $7,990 per metric tonne, while aluminum is up 0.4% at $2,220 per tonne. Meanwhile, gold is up 0.1% at $1,997.60 per troy ounce. Peak Trading Research says the ECB will likely suspend rate hikes today. “The big question is: will this be a ‘hawkish pause’ that strengthens the euro or will Lagarde highlight new geopolitical threats and deteriorating data.” Peak added that investors also expect strong US GDP growth of 4.5% year-on-year, with strong growth likely to push the dollar higher, a headwind for commodities. (yusuf.khan@wsj.com)