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U.S. Q3 annualized real GDP exceeded expectations, gold is under short-term pressure.
[Coin World] The annualized real GDP preliminary value for the third quarter of the United States has just been released—$24,025 billion, which shows a slight rise compared to the previous value of $23,771 billion. After the data was released, the market reacted quickly, with Spot gold plummeting, once dropping by $5, and is currently trading at $4,486.58 per ounce.
The better-than-expected performance of GDP has released signals that the US economy still has resilience, and such positive news usually weakens demand for safe-haven assets. From a trading perspective, attention should be paid to the impact of this data on Federal Reserve policy expectations, as economic data is often key in determining interest rate directions. Both gold and crypto assets are sensitive to macro liquidity, and this signal is worth ongoing attention.