Gold price down as U.S. GDP expanded 33% in Q3

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( Kitco News ) – Gold prices remain under pressure as the U.S. economy saw a sharper than expected recovery in the third quarter, according to preliminary data.

Thursday, the U.S. Commerce Department said that the advance estimate of the second-quarter gross domestic product showed that the U.S. economy grew 33.1%, recovering from a 31.4% decline reported in the second quarter.

According to consensus estimates, economists were expecting to see GDP grow 32% in the third quarter.“The increase in third quarter GDP reflected continued efforts to reopen businesses and resume activities that were postponed or restricted due to COVID-19. The full economic effects of the COVID-19 pandemic cannot be quantified in the GDP estimate for the third quarter of […]

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