{"id":25941,"date":"2012-04-28T03:11:00","date_gmt":"2012-04-28T03:11:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-rise-sharply-as-u-s-economy-slows\/25926\/"},"modified":"2012-04-28T03:11:00","modified_gmt":"2012-04-28T03:11:00","slug":"gold-prices-rise-sharply-as-u-s-economy-slows","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/gold-prices-rise-sharply-as-u-s-economy-slows\/25941\/","title":{"rendered":"Gold Prices Rise Sharply as U.S. Economy Slows"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><!--Ad Injection mfunc mode ad include code--><!--mfunc include_once('\/mnt\/Target01\/327806\/www.thestockmarketwatch.com\/web\/content\/stock-market-news\/wp-content\/plugins\/ad-injection\/adshow.php') --><!--\/mfunc--><\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold prices<\/a> rallied for the fourth successive day, hitting its highest level since February as U.S. GDP growth rate came in lower than expected, putting pressure on the dollar, while continued\u00a0 ambiguity on euro-zone debt crisis boosted investors\u2019 confidence in the metal.<\/p>\n<p><span id=\"more-25941\"><\/span><\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold<\/a> buying picked up on Friday following a report that showed U.S. GDP in the fiscal first quarter grew at softer pace than estimated as businesses cut back on investments. The U.S. Commerce Department data showed that the U.S. economy grew at an annual rate of 2.2% in the first quarter of the year, a slowdown from the 3.0% rate recorded in the final three months of 2011. Besides, the U.S. consumer sentiment also rose moderately in April, showed a study.<\/p>\n<p><!--Ad Injection mfunc mode ad code--><!--mfunc adshow_display_ad_file_v2(array('ad_random_1.txt'), array(100), array('align' => 'float right', 'clear' => '', 'margin_top' => '', 'margin_bottom' => '', 'padding_top' => '', 'padding_bottom' => ''), array(), array()) --><\/p>\n<div style=\"float:right;margin-left:5px;\"><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - in News 300 *\/\ngoogle_ad_slot = \"5684630733\";\ngoogle_ad_width = 300;\ngoogle_ad_height = 250;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/div>\n<p><!--\/mfunc--><\/p>\n<p>A poll conducted by MarketWatch showed that economists expected 2.7% growth in the first quarter.<\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Gold<\/a>\u2019s safe haven appeal got further burnished as S&amp;P downgraded Spain two notches, doubting country\u2019s ability to control its fiscal crisis.<\/p>\n<p><a href=\"https:\/\/stockmarketwatch.com\/metal\/gold-price.aspx\" data-internallinksmanager029f6b8e52c=\"4\" title=\"gold price today\">Gold<\/a>\u2019s four day rally was supported by Fed\u2019s recent statement that it would not hesitate in launching another round of bond purchasing program, if the U.S. economy weakens further.<\/p>\n<p>While speaking to Reuters, James Steel, chief commodity analyst at HSBC, said \u201cThe\u00a0GDP<strong>\u00a0<\/strong>data may confirm ongoing stimulatory U.S. monetary policies, which is positive for gold.\u201d<\/p>\n<p>The weakness in the economy weighed on the greenback. The dollar index\u00a0\u2013 a gauge on dollar\u2019s performance against basket of six most traded currencies- dropped to 78.720, from 79.138 late Thursday.<\/p>\n<p>A weakness in dollar is a positive sign for dollar-denominated <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">commodities<\/a> such as gold, because it makes them cheaper for holders of other currencies<\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/gold-price.aspx\">Spot gold<\/a><strong>\u00a0<\/strong>edged up 0.4 percent at $1,663.11 an ounce. For the week, bullion gained 1.3 percent, the biggest settlement in previous eight weeks.<\/p>\n<p>U.S. gold <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">futures<\/a><strong>\u00a0<\/strong>for June delivery climbed up $4.30 at $1,664.80 an ounce. However, a preliminary Reuters data showed that trading volume was below 100,000 lots at 3 p.m.,-\u00a0 which is one of the lowest turnovers for the year.<\/p>\n<p>Meanwhile, analysts at VTB Capital in London said they do not expect \u201ca sustained rebound\u201d for gold, which in the earlier week lost 1%, but added\u00a0 \u201ca further pullback in the U.S. currency could push bullion a little higher and nearer to early April highs.\u201d<\/p>\n<p>.Since, late February, the precious metal has tumbled almost $130 an ounce as strings of positive U.S. economic indicators and fed\u2019s less dovish stance on quantitative easing took off the steam from bullion investors.<\/p>\n<p>Data provided by S&amp;P shows that So far this year, gold has gained 6%, lagging behind the Wall Street as U.S equities gained 12% in the same period.<\/p>\n<p>On Friday, the SPDR Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GLD\">NYSE: GLD<\/a>) ended the day 0.22% higher at $161.38, the Market Vectors ETF Trust (<a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=GDX\">NYSE: GDX<\/a>) ended the day 1.19% higher at $46.80, and the iShares Gold Trust (ETF) (<a href=\"https:\/\/thestockmarketwatch.com\/markets\/nyse\/today.aspx\">NYSE<\/a>: IAU) ended the day 0.31% higher at $16.20.<\/p>\n<p>Among some other precious metal markets, <a href=\"https:\/\/thestockmarketwatch.com\/metal\/silver-price.aspx\">silver<\/a> <a href=\"https:\/\/thestockmarketwatch.com\/markets\/commodities\/today.aspx\">futures<\/a> for July delivery, the most active contract, gained 14 cents, or 0.5%, to settle at $31.35 an ounce.\u00a0 However, metal\u2019s weekly losses stood at 1%.<\/p>\n<p><a href=\"https:\/\/thestockmarketwatch.com\/metal\/copper-price.aspx\">Copper<\/a> for the same month\u2019s delivery\u00a0edged higher 5 cents, or 1.4%, to close at $3.825 a pound. The close was the highest in previous three weeks, with metal gaining 3.4% this week.<\/p>\n<p>Prices of platinum and palladium also advanced, with July platinum\u00a0climbing up $5.50, or 0.4%, to $1,575.70 an ounce. Palladium for June\u00a0was also advancing $8.85, or 1.3%, to $681.50 an ounce.<\/p>\n<p>On weekly basis, Platinum lost 0.5%, while palladium gained 0.7%.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>More Posts by this author<\/p>\n<ul>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-rise-sharply-as-u-s-economy-slows\/25941\"><br \/>\nGold Prices Rise Sharply as U.S. Economy Slows<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-end-higher-nasdaq-posts-best-weekly-gain-in-nearly-three-months\/25911\"><br \/>\nStocks End Higher; Nasdaq Posts Best Weekly Gain in Nearly Three Months<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-extend-gains-in-mid-day-trading-21\/25906\"><br \/>\nStocks Extend Gains in Mid-Day Trading<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/gold-prices-climb-above-1660-as-u-s-q1-gdp-falls-short-of-expectations-silver-prices-also-edge-higher\/25904\"><br \/>\nGold Prices Climb Above $1,660 as U.S. Q1 GDP Falls Short of Expectations; Silver Prices Also Edge Higher<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/recent-events\/business-news\/amazon-reports-q1-results-amzn\/25902\"><br \/>\nAmazon Reports Q1 Results (AMZN)<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-hold-on-to-modest-gains\/25870\"><br \/>\nStocks Hold on to Modest Gains<\/a><\/li>\n<li><a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/market-updates\/stocks-flat-in-early-trading-3\/25851\"><br \/>\nStocks Flat in Early Trading<\/a><\/li>\n<\/ul>\n<hr>\n<table style=\"border:none;margin:0;\">\n<tr>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/2024\/08\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n<div style=\"font-size:10pt;\">\n<p>Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/p><\/div>\n<\/td>\n<\/tr>\n<\/table>\n<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n","protected":false},"excerpt":{"rendered":"<p>Gold prices rallied for the fourth successive day, hitting its highest level since February as U.S. GDP growth rate came [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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