Gold down to $1290 on U.S. Growth Optimism

Gold held at lower levels hit overnight on Thursday, pressured by the U.S. Federal Reserve cutting its bullion-friendly stimulus measures further and outflows from the world’s biggest gold fund resumed after a 1-1/2 week pause.  Spot gold was flat at $1,290.96 an ounce by 0026 GMT, after losing 0.4 percent on Wednesday.

The Fed looked past a dismal reading on first quarter U.S. growth and gave a mostly upbeat assessment of the economy’s prospects as it announced another cut in its massive bond-buying stimulus.

Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 4.19 tonnes to 787.95 tonnes on Wednesday – its biggest outflow since April 16.


Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at Visit to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.