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Gold Steady After U.S. 2Q GDP Growth Revised Up To 3.1%

(Kitco News) –  Gold prices moved little Thursday after the Commerce Department revised growth in U.S. gross domestic product up slightly to 3.1% for the second quarter.

The government’s previous estimate of third-quarter GDP growth was 3.0%. Consensus forecasts compiled by new organizations had called for GDP growth of either 3.0% or 3.1%.

Around 8:45 a.m. EDT, Comex December gold was trading 80 cents lower for the day to $1,287 an ounce. Two minutes ahead of the report, the metal was at $1,287.90.

The price index for gross domestic purchases increased one-tenth of a percentage point from the prior second-quarter estimate to 0.9%. This index had increased of 2.6% in the first quarter, the government said

The widely followed price index for personal consumption expenditures remained at 0.3%, although this was down from the previous quarter’s increase of 2.2%, the government said. Excluding food and energy prices, the PCE price index was up 0.9%, compared with an increase of 1.8% in the prior quarter.

“With this third estimate for the second quarter, private inventory investment increased more than
previously estimated, but the general picture of economic growth remains the same,” the government said in the report.

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