Gold Spot / U.S. DollarUpdated Gold traded at its highest level in the past month
The global price of gold saw a significant increase in the past trading session to early morning due to the US reporting a lower-than-expected economic growth for the second quarter of 2023 compared to previous projections.
Specifically, the GDP for the second quarter of 2023 increased by 2.1% compared to the same period last year, which is lower than the 2.4% reported previously and below earlier forecasts. Prior to this, on August 29th, The US released consumer confidence index data for August showing a sharp decline from July's score of 117 points down to 106 points in August - significantly below the forecasted level of 116 points.
Specifically, the GDP for the second quarter of 2023 increased by 2.1% compared to the same period last year, which is lower than the 2.4% reported previously and below earlier forecasts. Prior to this, on August 29th, The US released consumer confidence index data for August showing a sharp decline from July's score of 117 points down to 106 points in August - significantly below the forecasted level of 116 points.
Note
Stopping interest rates will help the USD sink further, this is an opportunity for investors to buy gold.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.