Gold price weaker in wake of upbeat U.S. economic data gold silver
Welcome to Kitco News' 2023 Outlook Series. Uncertainty continues to dominate financial markets as central bank monetary policies push the global economy into a recession to cool down inflation. Stay tuned to Kitco News to learn from the experts on how to navigate turbulent financial markets in 2023.
The U.S. data point of the day Thursday is the advance estimate for fourth-quarter gross domestic product. GDP in 1Q came in at up 2.9%, which was slightly above market expectations for a rise of 2.8%, year-on-year, and compares to a 3.2% rise in the third quarter. Other U.S. data released so far today has also been upbeat. Gold prices dipped a bit farther on the news after seeing some selling pressure overnight.
The key outside markets today see the U.S. dollar index slightly higher. Nymex crude oil futures prices are a bit firmer and trading around $80.75 a barrel. Meantime, the yield on the benchmark U.S. 10-year Treasury note is presently fetching 3.509%, and up a bit following the upbeat U.S. economic data.
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