Gold price remains with striking distance of $1,800 as U.S. Q3 GDP rises 2.3%

 New York (Dec 22)  The gold market is holding onto small gains even as the U.S. economy grew more than expected in the third quarter.

Wednesday, U.S. Commerce Department said final estimate for third-quarter GDP showed that the U.S. economy advanced by 2.3%, up from the previous estimate of 2.1%. The data was slightly better than expected as economists were looking for an unchanged reading.

“The update primarily reflects upward revisions to personal consumption expenditures (PCE) and private inventory investment that were partly offset by a downward revision to exports,” the report said.

The gold market is seeing little reaction to the latest economic data as it test resistance just below $1,800 an ounce. February gold futures last traded at $1,791.90 an ounce, up 0.18% on the day.

Market analysts note that volume in financial markets is fairly low as traders and investors focus on the approaching Christmas holidays.

KitcoNews