Adam Button, chief currency strategist at, noted that the manufacturing sector remains a drag on economic growth. economy remained resilient in the fourth quarter, the report continues to highlight areas of concern and the threat of a looming recession. Some market analysts note that while the U.S. Recently, some central bank committee members have said they support the idea of a 50-basis point move at the next meeting as they focus on cooling down inflation. The report said that core inflation, which strips out volatile food and energy prices, rose 4.3% in the fourth quarter, up from the initial estimate of 3.9%.Īnalysts have said that persistently high inflation could force the Federal Reserve to continue to aggressively raise interest rates next month. Economists were looking for inflation to hold steady. The report said that the GDP Price Index for the quarter rose 3.9%, up from the initial estimate of 3.5%. Jim Wyckoff, senior technical analyst at, noted that persistently higher inflation data in the latest GDP report also appears to be weighing on gold. The report said that consumption increased by 1.4%, down from the initial estimate of 2.1%. The report noted that personal consumption was a contributing factor to the latest downward revision. April gold futures last traded at $1,832.80 an ounce, down 0.47% on the day. The gold market is not seeing much reaction to the latest economic data as it continues its downward slide. Imports, which are a subtraction in the calculation of GDP, were revised up," the report said. "The updated estimates primarily reflected a downward revision to consumer spending that was partly offset by an upward revision to nonresidential fixed investment. According to consensus estimates, economists were to see an unchanged reading. Bureau of Economic Analysis said the second reading of fourth-quarter Gross Domestic Product shows the economy grew 2.7%, down slightly from the initial estimate of 2.9%. reported solid growth in the final months of 2022, even as economic activity was revised slightly lower. ( Kitco News) - The gold market is seeing continued selling pressure as the U.S. Editor's Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today's must-read news and expert opinions.
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