Gold Rises On Geopolitical Tensions

CHICAGO, (APP - UrduPoint / Pakistan Point News - 27th Oct, 2023) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Friday on geopolitical tensions in the middle East.

The most active gold contract for December delivery rose 2.50 U.S. dollars, or 0.13 percent, to close at 1,997.40 Dollars per ounce.

The U.S. Commerce Department reported Thursday that U.S. gross domestic product (GDP) grew at a 4.9-percent annual rate in the third quarter, marking a steep acceleration from the second quarter's 2.

1-percent growth rate and surpassing economists' expectations for 3.8-percent growth.

Stronger than expected GDP data should have dampened gold, but geopolitical tensions in the Middle East outweighed economic data to support gold.

Other economic data released Thursday were mixed. The U.S. Labor Department reported that U.S. initial jobless claims rose by 10,000 to 210,000 in the week ending Oct. 21. Economists had estimated new claims would rise 9,000 to 207,000. Last week claims fell a revised 11,000 to 200,000.