Thursday, the Department of Commerce said in its final estimate that fourth-Quarter U.S. gross domestic product expanded by 2.1% in the fourth quarter, up from the previous estimate of 1.9%, and down from 3.5% growth reported in the third quarter. The data was slightly better than expected as Economists were forecasting growth of 2.0%.
Annual economic growth was unchanged at 1.6%, the report said.
“With this third estimate for the fourth quarter, the general picture of economic growth remains largely the same; personal consumption expenditures (PCE) increased more than previously estimated,” the report said.
Overnight gold prices continued to fall as a result of technical selling as investors continue to take profits after the yellow metal hit a one-month high at the start of the week. Gold is slightly weaker following the data with April Comex contracts last trading at $1,246.60 an ounce, down 0.57% on the day.
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