News Column

Gold At Lowest Since February Ahead Of Revised US GDP

May 29, 2014

WASHINGTON (Alliance News) - Gold prices are lower Thursday morning, with investors treading cautiously ahead of some crucial economic reports, including revised first quarter US GDP figures.

Gold futures for August are down USD6.80 or 0.54% at USD1,252.90 an ounce.

On Wednesday, gold futures ended down USD6.20 or 0.55% at USD1,259.30, a 3-1/2-month low. The precious metal continued to be impacted by a strong dollar after some upbeat economic data.

Silver for July is down USD0.211 or 1.11% at USD18.848 an ounce.

Meanwhile, copper is down USD0.030 or 0.95% at USD3.143 per pound.

Investors will be looking ahead to a slew of economic data due for release this morning.

At 8:30 am ET, final reading on US GDP will be made public. While the government initially reported anemic growth for the quarter, economists expect revised figures to show the economy contracted by about 0.6%.

Around the same time, data on personal income and personal expenditure will also be released.

The US Labor Department's reports on jobless claims will also be out at 8:30 am ET.

At 10 am ET, the US Commerce Department will release pending homes sales data.

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Source: Alliance News

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