Gold and crude gain slightly after growth data
ecPulse
2014-08-28 18:19PM UTC
Gold climbed faintly after that it rose to the highest in more than a week as escalating tension in Ukraine spurred haven demand while that crude gained for a third day as the U.S. economy expanded more than previously forecast in the second quarter, boosting expectations for strong oil demand. In fact today a report showed that the U.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. 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. 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 $1289.55 an ounce recording a high of $1296.35 ounce and a low of $1282.85 an ounce and crude is trading around $94.38 a barrel recording a high of $94.70 a barrel and a low of $93.45 a barrel.
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