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Gold Price Remains Down Following 4% Rise In U.S. GDP

January 28, 2021

Gold prices remain under pressure and near session lows even as the U.S. economy grew less than expected in the first quarter, according to the latest data from the U.S. Commerce Department.

The first reading of Gross Domestic Product showed an increase of 4% in the fourth quarter, which missed expectations. Economists were expecting to see economic growth of around 4.2%. The third quarter saw GDP expand by more than 33%.

The gold market is not seeing much reaction to the latest economic data. April gold futures last traded at $1,841.70 an ounce, down 0.39% on the day.

Although the data was weaker than expected, it doesn’t come as a major surprise to many economists as the U.S. economy continues to deal with the devastating effects of the COVID-19 pandemic.

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With gold stolen by Conquistador Francisco Pizarro from the Inca Empire in 1532, Spain financed its conquest of Europe.
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