The gold market continues to attract some profit taking, seeing muted reaction following stronger than expected 2016 fourth quarter gross domestic product data.
Thursday, the Department of Commerce said in its final estimate that fourth-quarter U.S. gross domestic product expanded by 2.1% in the fourth quarter, up from the previous estimate of 1.9%, and down from 3.5% growth reported in the third quarter. The data was slightly better than expected as Economists were forecasting growth of 2.0%.
Annual economic growth was unchanged at 1.6%, the report said.
“With this third estimate for the fourth quarter, the general picture of economic growth remains largely the same; personal consumption expenditures (PCE) increased more than previously estimated,” the report said.
Overnight gold prices continued to fall as a result of technical selling as investors continue to take profits after the yellow metal hit a one-month high at the start of the week. Gold is slightly weaker following the data with April Comex contracts last trading at $1,246.60 an ounce, down 0.57% on the day.