Gold futures edged lower Friday morning after the final estimate of U.S. third quarter GDP matched expectations with growth at 2.1%.
The yellow metal has been facing some headwinds from a U.S. economy that appears to be stabilizing as the U.S. and China make progress toward a partial trade pact, which has lifted stocks and knocked some of the luster off haven precious metals.
However, gold remains within range of a round-number level at $1,500, aided by some recent weakness in government bond yields which compete with the metal for haven bids during times of uncertainty.
Gold for February delivery on Comex pulled back $1.40, or 0.1%, at $1,483.40 an ounce, after climbing 0.6% on Thursday and hitting the highest finish for a most-active contract since Dec. 3, according to FactSet data. March silver tacked on 2 cents, or 0.1%, at $17.165 an ounce, adding to its 0.6% gain a day ago.
Silver is on pace for a weekly gain of 1%, while gold is set to climb 0.5% over the five-session stretch.
Source : Market Watch