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(Kitco News) - 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.
Economists have also said that they are now more focused on fourth quarter growth as they expected to see strong consumption through the start of the new year.
Looking at some of the components of the report, personal consumption increased 2.0% in the third quarter, up from previous estimate of 1.7%.
Positive for the gold market, inflation pressure increased in the third quarter rising 4.6%, up from 4.5% seen in the second quarter.
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