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Gold prices holding relatively steady as U.S. GDP grew 2.1% in Q3

Kitco News

(Kitco News) - As has been the trend for most of the week, the gold market is seeing little movement, as the U.S. economy grew in line with expectations in the third quarter.

Friday, the final reading of U.S. Gross Domestic Product showed that the U.S. economy grew 2.1% between July and September, unchanged from the previous estimate and in line with economist expectations.

Gold price are modestly lower following the economic data but prices remain in a tight range. February gold futures last traded at $1,482.40 an ounce, down 0.13% on the day.

According to some economists, the U.S. growth picture is a tale of two economies. It has been the best of times for consumers as personal consumption continues to drive economic growth, increasing 3.2% in the third quarter, up from the previous estimate of 2.9%. At the same time business activity remains depressed. The report said that business investment in the third quarter fell 2.3%, slightly better than the previous estimate of -2.7%.

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