Gold futures settled at their highest price since early August on Wednesday, buoyed by some weakness in the U.S. dollar and Treasury yields, as traders awaited more data on the U.S. labor market.
The U.S. grew at a somewhat slower 2.1% annual pace in the second quarter revised figures, released Wednesday, show. That’s down from an initial 2.4% GDP growth. Given how several more key U.S. economic indicators are scheduled this week, “gold could experience a rapid change of fortune if they all disappoint and raise questions around how much headroom the Fed has left to keep raising rates,” Lukman Otunuga, manager, market analysis, at FXTM told MarketWatch.
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