Gold prices eked out gains on Thursday as the dollar and Treasury yields slipped after U.S. economic data raised hopes that the Federal Reserve is firmly on track to cut interest rates this year.

Spot gold was up 0.4% at $2,348.36 per ounce as of 10:30 a.m. ET (1430 GMT). U.S. gold futures gained 0.2% to $2,345.40.

"We're seeing a little bit of bargain hunting after the dip in prices. The U.S. dollar index is trading with some pretty solid losses right now, so that's a bullish factor for gold and silver," said Jim Wyckoff, senior analyst at Kitco Metals.

"Also yields are down a little bit and also the sell-off in the stock market in the past couple of days is also a bullish element for the metals markets."

The dollar slipped 0.4% after hitting a two-week high earlier in the session, making gold more attractive for other currency holders.

U.S. Treasury yields slid after data showed the world's largest economy grew more slowly than previously estimated in the first quarter.

U.S. jobless claims, meanwhile, rose in the latest week.

Focus now shifts to the Personal Consumption Expenditures (PCE) price index, the Fed's preferred measure of inflation, due on Friday that could shed more light on Fed's interest rate cuts timing.

According to the CME FedWatch Tool, traders now see about a 52% chance of a Fed rate cut by September. Lower interest rates reduce the opportunity cost of holding non-yielding gold.

Elsewhere, spot silver fell 1.3% to $31.54 after hitting an over 11-year high last week.

"There is some safe-haven demand for silver, but its industrial demand has been propelling its price upwards, thanks to robust manufacturing activity," said Russell Shor, Senior Market Specialist at Tradu.

Platinum rose 0.1% to $1,037 and palladium slipped 0.9% to $957 after falling to a four-week low earlier in the session.

(Reporting by Brijesh Patel, Daksh Grover and Harshit Verma in Bengaluru; Editing by Vijay Kishore)