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Gold rebound gets a hand from GDP revision and oil price increase
The second revision to US Q4 GDP has now been released and it was rather mixed. Let me explain- GDP itself has been revised down fractionally, to 3.2% from 3.3%. That in itself is really of no consequence, but at the same time core PCE prices have been revised a little higher. As to whether that has any bearing on the monthly data tomorrow (January) remains to be seen. What this data has done is to push the US equity futures a little higher and the dollar a little lower. However, we are not yet talking about anything remotely conclusive there. At the same time Gold has found a buyer around $2,025 and that has seen the mettle jump higher, by around $10 a moment ago. The move higher in gold comes amid a rebound in oil prices. Gold is currently trading at $2,034.30
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