Gold Pauses For GDP Report, Consumer Sentiment

WASHINGTON (Alliance News) – Gold futures were flat Friday morning ahead of closely-watched GDP data.

September gold was down USD1.70 at USD1264 an ounce, staying near yesterday’s 8-week highs.

Prices rallied mid-week as the Federal Reserve said it will start to sell its USD4.25 trillion holdings of Treasurys and mortgage-related debt “relatively soon.” Traders were looking for a more specific timeline.

US Gross Domestic Product for the second quarter will be published at 8.30 am ET. Economists see growth of 2.6%, up from 1.4% in the prior quarter.

The Institute for Social Research of the University of Michigan’s Consumer Sentiment for July will be issued at 10.00 am ET. The forecasters are looking for 93.1, unchanged from the previous month.

Minneapolis Federal Reserve Bank President Neel Kashkari will speak at a moderated Q&A at the Woodbury Area/St. Paul Chamber of Commerce event in Oakdale, Minnesota, with audience Q&A at 1.20 pm ET.

Copyright RTT News/dpa-AFX

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