Gold price down as U.S. GDP expanded 33% in Q3

New York (Oct 29)  Gold prices remain under pressure as the U.S. economy saw a sharper than expected recovery in the third quarter, according to preliminary data.

Thursday, the U.S. Commerce Department said that the advance estimate of the second-quarter gross domestic product showed that the U.S. economy grew 33.1%, recovering from a 31.4% decline reported in the second quarter.

According to consensus estimates, economists were expecting to see GDP grow 32% in the third quarter.

Gold prices are trading near session lows in initial reaction to the latest economic data. December gold futures last traded at $1,869.20 an ounce, down 0.5% on the day.

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