Otmane El Rhazi from
The Bullion Desk.
- The gold price was steady on Friday as the latest gross domestic product reading showed that the US economy grew at a solid if unspectacular rate in the fourth quarter.
- US GDP grew at a 2.2 percent annualised clip in the fourth quarter, revised down from the 2.6 percent pace estimated last month but slightly above the 2.1 percent forecast.
- A cut to import duties in India that could be announced in tomorrow’s annual budget might provide some support.
- Although demand in China this morning was solid, restocking after the New Year holiday seems to be fading.
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