Gold Price Flirts with Post-Record Floor as US GDP Rebounds, Stimulus Delayed, France Attacked, Lockdowns Spread

GOLD PRICES fell another $20 per ounce in London trade Thursday, sliding within $10 of the cheapest since before August’s new all-time high as new US data beat analyst for forecasts for the summer’s GDP rebound in the world’s largest economy.

Crude oil meantime slid towards 5-month lows at $35 per barrel as the surging second wave of Coronavirus saw France and Germany re-impose national lockdowns while Japan and the Eurozone both failed to add new monetary stimulus.

Economic output in the US grew 33.1% at an annualized rate between June and September, twice the previous best on modern records and putting 2020 on track for a decline of 2.7%.

With the Bureau of Economic Analysis also saying that prices across the US economy rose much faster than Wall Street forecasters expected, currency traders pushed the Dollar up to new 1-week highs, while the London gold price fell to $1860 per ounce, […]

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