The Bureau of Economic Analysis released its advance estimate of second-quarter GDP growth, revealing unexpected strength in the U.S. economy. Despite economists' predictions of a 2% annualized growth rate, the actual figure came in at a robust 2.8%, surpassing expectations and demonstrating resilience in the face of This growth represents a significant acceleration from the first quarter's 1.4% increase, indicating a strengthening economic trajectory.
The stronger-than-anticipated economic performance has implications for various market sectors. Individual investors may find less incentive to allocate funds to safehaven assets, given the economy's resilience.These factors have led to a sell-off in the gold market, with the precious metal experiencing downward pressure. The most active August gold contract declined by $34.10, or 1.42%, closing at $2,363.40, after opening just below $2,400 in Australia.
As market participants digest the GDP report, attention now shifts to the upcoming Personal Consumption Expenditures inflation index for June, set to be released by the Bureau of Economic Analysis. This report holds particular significance as the core PCE is the Federal Reserve's preferred measure of inflation.
If tomorrow's PCE report shows that core inflation continues to cool, it should provide bullish tailwinds taking gold prices higher.has been a technical market analyst for 25 years. A frequent contributor to STOCKS & COMMODITIES Magazine, he has also written for Futures Magazine as well as Barrons. He is the executive producer of"The Gold Forecast," a daily video newsletter.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: globeandmail - 🏆 5. / 92 Read more »
Source: globebusiness - 🏆 31. / 66 Read more »
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Source: YahooFinanceCA - 🏆 47. / 63 Read more »