Gold prices struggle as U.S. GDP grows 2.4% in Q2
Thursday,the U.S. Bureau of Economic Analysis said the advanced reading of second-quarter Gross Domestic Product, showed that the economy expanded by 2.4%, beating expectations. According to consensus esimates, economists were expecting to see a increase of 1.8%.
The gold market is struggling with renewed selling pressure following the better-than-expected economic data. August gold futures last traded at $1,968.40 an ounce, roughly unchanged on the day. Looking at some of the components of GPD, consumer spending increased 1.6%, compared to 4.2% increase in the first quarter.
Trade was a negative on economic growth as a drop in exports overshadowed imports. U.S. exports between April and June dropped 10.8%; at the same time imports in the second quarter dropped 7.8%. A negative for gold was a sharp drop in inflation pressures. The report said that the GDP Price index rose 2.2% in the second quarter. According to consensus estimates, economists were looking for an increase of 3.0%.
France Dernières Nouvelles, France Actualités
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