Gold falls on stronger than expected U.S. economic data

By Xu JingUnreguser
  • World
  • Friday, 27 Jan 2023

CHICAGO, Jan. 26 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell on Thursday on stronger than expected U.S. economic data.

The most active gold contract for February delivery fell 12.6 U.S. dollars, or 0.65 percent, to close at 1,930 dollars per ounce.

U.S. Commerce Department reported Thursday that U.S. gross domestic product (GDP) increased at an annual rate of 2.9 percent in the fourth quarter of 2022, expanding at an above-normal rate for the second quarter in a row. For the year of 2022 overall, U.S. GDP grew 2.1 percent.

U.S. dollar rose following the GDP data, dampening gold.

Other economic data released Thursday further dampened gold. U.S. Labor Department reported that U.S. initial jobless claims fell by 6,000 to 186,000 in the week ending Jan. 21, the lowest since April 2022.

U.S. Commerce Department reported the new orders for U.S. manufacturing durable goods grew 5.6 percent in December, after tumbling by 1.7 percent in November. Economists had expected durable goods orders to surge by 2.5 percent.

U.S. new home sales released by U.S. Commerce Department increased 2.3 percent in December to a seasonally adjusted annual rate of 616,000. This is the highest level since August.

Silver for March delivery rose 7.9 cents, or 0.33 percent, to close at 24.02 dollars per ounce. Platinum for April delivery fell 23.1 dollars, or 2.21 percent, to close at 1,023 dollars per ounce.

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