Gold slid 1% on Thursday, falling to its lowest level in two-weeks, as investors squared positions to focus on U.S. economic data that could offer additional insights into the timing of the Federal Reserve's potential interest rate cuts.

Spot gold fell 1% to $2,374.84 per ounce by 1016 GMT, having touched its lowest since July 10. U.S. gold futures dropped 1.7% to $2,374.20.

"Observing the tech sector selloff, it appears that part of the movement could be due to institutional repositioning as rate cut bets increase," said Zain Vawda, market analyst at MarketPulse by OANDA.

Stock markets were locked in a multi-trillion-dollar tailspin on Thursday due to a slump in global tech stocks.

"Much like the pivot we are witnessing in the stock market, market participants may be shifting from gold to other areas... while profit taking may also be playing a role," Vawda added.

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

Markets see a 100% chance of a rate cut by the Fed in September, according to the CME FedWatch Tool. Non-yielding bullion's appeal tends to shine in a low-interest rate environment.

A Reuters poll showed 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.

Meanwhile, on the physical front, JP Morgan said "while softer Chinese demand remains a risk, we think one of the most important elements of physical demand in the gold market is its price responsiveness to dips, essentially acting as a trailing price floor in gold."

Spot silver shed 3.7% to $27.91 per ounce on the day, hitting a 11-week low.

Platinum eased 1.4% to $934.70, near a three-month low, and palladium slipped 2.4% to $910.75.

(Reporting by Sherin Elizabeth Varghese in Bengaluru; ; Editing by Shreya Biswas)