Current GDP at 2.3% Compared to 3% Forecast, Gold Volatility Near All-Time High

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Update: Thursday, 30/01/2025 - 20:31 PM
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The United States recently published its economic growth figures, specifically the Gross Domestic Product (GDP), which has influenced the trading of Gold on Thursday, January 30, 2025.

The GDP for the fourth quarter of 2024 was reported to have grown at an annualized rate of 2.3%, significantly lower than the forecast of 3% from Trading Central and down from the previous quarter’s figure of 3.1%.

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Concurrently, the U.S. reported weekly unemployment claims of 207,000 for the week ending January 25, which was slightly different from the forecast of 228,000 jobs by Trading Central.

Following these data releases, the price of Gold has been highly volatile, fluctuating between US$ 2,778 and US$ 2,782 per troy ounce, close to the all-time high of US$ 2,790 per troy ounce reached on October 31 last year.

The lower unemployment claims in the U.S. than the forecast indicate a robust labor market, aligning with the Federal Reserve’s earlier projections when they decided to maintain interest rates in the range of 4.25% to 4.5%. 

However, the GDP data suggests a weaker economy than what analysts had anticipated, creating a potential scenario for the Federal Reserve to consider cutting interest rates at least twice this year. This development could be seen as favorable for Gold. Nevertheless, given its proximity to the all-time high, its movements remain volatile as of 8:38 PM WIB.

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