Solid economic data and dollar strength pressures gold lower

Today the U.S. Bureau of Economic Analysis (BEA) released its latest numbers which reflect the 3rd quarter GDP numbers. According to the BEA the data concluded that the real gross domestic product (GDP) increased at an annual rate of 33.1% in the 3rd quarter of 2020. The report went on to say that this increase occurred “as efforts continued to reopen businesses and resume activities that were postponed or restricted due to COVID-19. In the second quarter of 2020, real GDP decreased 31.4 percent.” However, when paired with the GDP numbers for the second quarter of 2020 the net change is enormous. In the second quarter of 2020, the real GDP contracted approximately 25% when compared to the preceding quarter.

The result of these latest numbers shows that “The increase in real GDP reflected increases in personal consumption expenditures (PCE), private inventory investment, exports, nonresidential fixed investment, and residential fixed […]

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