<\/p>\n
For the third consecutive session, gold traded higher in mid-European trading today, Thursday, August 28, settling at $3,400, the highest level for the yellow metal in three weeks. Gold benefited from the decline in the US dollar, which has been hurt by expectations of a US interest rate cut, and from increased demand for safe havens amid threats to the independence of the Federal Reserve. The metal is ignoring economic figures, with the yellow metal trading up about 0.26% at $3,405 per ounce, while silver is trading at $39.04 per ounce, up 1.11%.<\/p>\n
In terms of economic data, the US gross domestic product (GDP) rose in the second estimate for the second quarter of this year, ending in June, according to a report released a short while ago by the Bureau of Economic Analysis, to 3.3%, compared to a 3% increase in the first estimate. This exceeded expectations, which indicated a 3.1% growth. This primarily reflects upward revisions to investment and consumer spending, partially offset by a downward revision to government spending and an increase in imports.<\/p>\n
\nMeanwhile, the US Department of Labor announced that initial claims for state unemployment benefits fell last week, ending August 23, to 229,000, a decrease of 5,000 claims and below expectations.
\nThe US dollar index is trading down 0.25% at 97.85, ignoring the economic figures released just moments ago, as markets are pricing in an interest rate cut at the Federal Reserve’s September meeting by more than 80%.<\/p>\n
Markets are awaiting the release of consumer spending (PCE) inflation figures for tomorrow, Friday, the Federal Reserve’s preferred inflation monitor. Expectations are for the index to remain steady at 2.6% in June.<\/p>\n
Platinum is trading at $1,345, down 0.15%, while palladium is up 0.98%, trading at $1,102.<\/p>\n
<\/p>","protected":false},"excerpt":{"rendered":"
For the third consecutive session, gold traded higher in mid-European trading today, Thursday, August 28, settling at $3,400, the highest level for the yellow metal in three weeks. Gold benefited from the decline in the US dollar, which has been hurt by expectations of a US interest rate cut, and from increased demand for safe […]<\/p>\n","protected":false},"author":1,"featured_media":7615,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"nf_dc_page":"","footnotes":""},"categories":[3],"tags":[],"class_list":["post-8280","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-jet-metals-markets"],"acf":[],"yoast_head":"\n