Gold traded at its highest level in the past month
The global price of gold saw a significant increase in the past trading session to early morning due to the US reporting a lower-than-expected economic growth for the second quarter of 2023 compared to previous projections.
Specifically, the GDP for the second quarter of 2023 increased by 2.1% compared to the same period last year, which is lower than the 2.4% reported previously and below earlier forecasts. Prior to this, on August 29th, The US released consumer confidence index data for August showing a sharp decline from July's score of 117 points down to 106 points in August - significantly below the forecasted level of 116 points.
Specifically, the GDP for the second quarter of 2023 increased by 2.1% compared to the same period last year, which is lower than the 2.4% reported previously and below earlier forecasts. Prior to this, on August 29th, The US released consumer confidence index data for August showing a sharp decline from July's score of 117 points down to 106 points in August - significantly below the forecasted level of 116 points.
Comment:
Stopping interest rates will help the USD sink further, this is an opportunity for investors to buy gold.
