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Gold Holds Biggest Gain in Seven Weeks After U.S. GDP


Monday, 29 April 2019 09:10 WIB

GOLDEMAS


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Gold held the biggest advance in seven weeks as investors weighed first-quarter U.S. GDP data before the Federal Reserve's policy-setting meeting this week.

Gross domestic product expanded at a 3.2 percent annualized rate, government data Friday showed, higher than all forecasts in a Bloomberg survey calling for a 2.3 percent increase, but the increase reflected a boost from inventories and trade -- volatile components that may soon weigh on growth. At the April 30-May 1 meeting, Fed officials are expected to hold interest rates steady.

Spot gold -0.1% to $1,285.12/oz at 8:58am in Singapore; +0.7% on Friday, biggest gain at close since March 8. Metal is heading for a third straight monthly decline.

Source : Bloomberg


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