Gold & Silver React To 3rd Quarter GDP Numbers

GOLD

Gold is trading in a very narrow range as it awaits the 4th quarter GDP data coming out today. Today’s revision of fourth-quarter 2023 U.S. gross domestic product (GDP) readings showed up 3.2%, year-on-year, versus the initial reading of up 3.3%. The 4Q personal consumption expenditures (PCE) price index was up 1.8%, year-on-year, versus up 1.7% in the advance report. The core PCE price index was up 2.1% in 4Q, compared to the advance reading of up 2.0%. Today’s GDP data was not a big market mover, as the numbers did not stray far from market expectations. At 11am PT today, Gold is trading at $2,032, unchanged from yesterday’s close.

SILVER

Silver had some light selling after the GDP data was released. Demand remains strong, but Silver’s price is affected by the direction of the U.S. Dollar and inflationary indicators. At 11am PT today, Silver is down $0.08 per ounce, trading at $22.45 on average volume.