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Gold rises on downbeat U.S. GDP data

CHICAGO
2021-10-29 02:49

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CHICAGO, Oct. 28 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Thursday as the U.S. gross domestic product (GDP) data showed weakness.

The most active gold contract for December delivery rose 3.8 U.S. dollars, or 0.21 percent, to close at 1,802.6 dollars per ounce.

U.S. Commerce Department reported on Thursday that U.S. GDP rose only 2 percent in the third quarter, down from 6.7 percent growth in the second quarter.

Gold found additional support as U.S. Dollar Index fell.

U.S. Department of Labor put U.S. initial jobless claims at 281,000 for the week ending Oct. 23, a decrease of 10,000 from the previous week's revised level of 291,000, capping gold's growth somewhat.

European Central Bank decided Thursday to leave its monetary policy unchanged; whereas the Bank of Canada said it was ending its quantitative-easing program, eyeing to eventually raise interest rates.

Silver for December delivery fell 7.1 cents, or 0.29 percent, to close at 24.12 dollars per ounce. Platinum for January delivery rose 4.6 dollars, or 0.45 percent, to close at 1,023.9 dollars per ounce.
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