The data published by the US Bureau of Economic Analysis revealed that the economy expanded by 2.1% on a yearly basis in the third quarter (final estimate) and helped the greenback gather strength against other major currencies. As of writing, the US Dollar Index was at its highest level in 10 days near 97.60, adding 0.2% on a daily basis.
- Trump Calms Global Markets as ‘Buy America’ Trade Trend Gains Momentum
- Silver ETFs Jump 8% After Record High: Book Profit or Stay Invested?
- Kalyan Jewellers Share Price Crashes 14%, Hits 19-Month Low After Heavy Selling
- Silver Nears All-Time High Amid Global Tensions | Safe-Haven Demand Rises
- Gold Price Hits Record High Amid Global Tensions and Market Volatility
In the meantime, the S&P 500 futures are up 0.2% on the day minutes ahead of the opening bell, pointing out to an upbeat market sentiment alongside the 10-year US Treasury bond yield, which was last seen adding more than 1% on the day.
Read More : Gold Price Forecast 2020 – Long Term Target 3000 to 5000 Points – Neal Bhai Reports
Later in the session, the Personal Consumption Expenditures (PCE) Price Index and the University of Michigan’s Consumer Sentiment Survey from the US will be looked upon for fresh impetus. Moreover, the capital flows into London fix ahead of the Christmas break could also ramp up the market volatility.
US Dollar Index breaks above 97.50 after GDP data
Gold daily losses in the last hour and turned positive on the day near $1480. However, the broad-based USD strength in the early American trading hours suggests that the pair could struggle to continue to push higher. As of writing, the pair was up 0.08% on the day at $1480.20.
Disclaimer
This article is intended for educational purposes only. The views and opinions expressed are those of individual analysts or brokerage firms and do not represent the views of GoldSilverReports.com. Investors are strongly advised to consult certified financial experts before making any investment or trading decisions.
| Follow us on |
| Telegram, Whatsapp , Facebook, Twitter, Instagram, YouTube, Google Business Profile and Truth Social. |