(Kitco News) - The gold market is back within striking distance of fresh all-time highs above $3,050 an ounce, even as the U.S. economy remains fairly resilient in the final months of 2024.
The third and final reading of the U.S. Gross Domestic Product showed the economy growing by 2.4% in the fourth quarter of 2024, the Bureau of Economic Analysis announced Thursday. The data came in slightly better than expected, as economists were looking for an unchanged reading at 2.3%.
The report also noted that inflation pressures during the fourth quarter were relatively stable, as the GDP Price Index rose 2.3%, down from the previous estimate of 2.4%. Economists were expecting to see an unchanged reading.
The economic data is not having much impact on gold prices, as the precious metal sees solid bullish momentum. Spot gold last traded at $3,048.20 an ounce, up nearly 1% on the day.
Many analysts largely ignore the final GDP reading, as it is now three months after the end of the fourth quarter.
Updated estimates from the Atlanta Federal Reserve’s GDP tracker show the economy declining 1.8% this quarter. Ongoing fears over slower economic activity have helped drive gold prices above $3,000 an ounce.
The report also showed consumption was relatively stable with consumer spending rising 4.0%, down slightly from the previous reading of 4.2%.
