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- Gold price declines on a stronger U.S. dollar
Gold price declines on a stronger U.S. dollar
Gold price fell on a stronger U.S. dollar. The U.S. dollar rose against other currencies on the better-than-expected initial jobless claims and revised GDP data from the U.S. The U.S. revised GDP climbed 3.7% in the second quarter, exceeding expectations for a 3.2% increase, up from the preliminary estimate of a 2.3% rise.
The upward revision was partly driven by an upward revision to inventories.
Consumer spending rose by 3.1% in the second quarter, up from the previous estimate of a 2.9% increase.
Business investment increased 3.2% in second quarter, up from the preliminary estimate of a 0.6% decline.
Exports climbed 5.2%, while imports were up 2.8%.
The number of initial jobless claims in the week ending August 22 in the U.S. fell by 6,000 to 271,000 from 277,000 in the previous week.
Analysts had expected the number of initial jobless claims to be 274,000.
September futures for gold on the COMEX today decreased to 1119.50 dollars per ounce.
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