(Kitco News) - U.S. economic activity remains relatively robust as the nation’s Gross Domestic Product showed steady growth in the second quarter.
Thursday, the Bureau of Economic Analysis reported that its third and final reading of second-quarter GDP showed the economy grew by 3.0% between April and June, unchanged from its previous estimate
The data was in line with economist expectations.
“The update primarily reflected upward revisions to private inventory investment and federal government spending that were offset by downward revisions to nonresidential fixed investment and exports,” the report said. “Compared to the first quarter, the acceleration in real GDP in the second quarterly primarily reflected an upturn in private inventory investment and an acceleration in consumer spending. These movements were partly offset by a downturn in residential fixed investment.”
The gold market continues to largely ignore U.S. economic data as investors focus on the Federal Reserve’s new easing cycle, which was launched last week after the committee cut interest rates by 50 basis points. December gold futures last traded at $2,696.40 an ounce, up 0.44% on the day.
