Comex gold futures contract Delivered in Feb. down $3.80 to close at $1,759.90/oz
The U.S. Commerce Department released its second estimate for third-quarter gross domestic product (GDP) today, showing the U.S. economy grew 2.9% in the quarter. This beat the first estimate of 2.6% and beat analysts’ expectations of 2.7%.
US economic growth in Q3 was driven by strong consumer spending. Including a decrease in the number of US trade deficits.
The release of the GDP numbers eased investor concerns regarding a recession in the US. After the economy shrank 1.6% in Q1 and 0.6% in Q2, the US entered a technical recession.
Automatic Data Processing Inc. (ADP) said private sector employment rose by 127,000 in November. which is the lowest level since January And below analysts’ estimates of 190,000 jobs following surging 239,000 jobs in October.
The service sector added 213,000 jobs in November. While the manufacturing sector saw a decrease in employment by 86,000 positions.