Crude climbs to a record while gold consolidates
ecPulse
2014-08-29 19:44PM UTC
Gold consolidated in New York while that the black gold reached its highest gain in more than a month on speculation an improving U.S. economy will boost fuel demand as a report showed that the country’s economy expanded at a higher pace than previously forecast in the second quarter, lifted by a rise in business investment that was the biggest in over two years. In fact the gross domestic product, which measures the value of all goods and services produced in the economy, increased by 4.2% annualized rate, up from the initial estimate of 4.0%, according to a report released by the Commerce Department on Thursday. Bloomberg analysts expected growth pace of 3.9%, but business investment and net exports were stronger than forecast. Note that the economy shrank at a 2.1% pace from January through March. The Commerce department also reported corporate profits jumped the most in around four years. The revisions to GDP showed the pickup in growth last quarter came from bigger gains in corporate spending on structures and equipment and a smaller trade deficit that was partly offset by more tepid inventory building. Accordingly the gold is so far trading around $1286.55 an ounce recording a high of $1291.20 ounce and a low of $1283.15 an ounce and crude is trading around $95.82 a barrel recording a high of $95.98 a barrel and a low of $94.45 a barrel.
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