Gold prices extend losses in evening trade in Europe, after the latest U.S. data showed the economy grew faster than previously estimated, largely due to greater exports and robust consumer spending.
U.S. GDP increased at an annualized rate of 3.1% in the third quarter, compared with the 2.8% seen in earlier estimates and 3% growth registered in the second quarter.
The report came after the Federal Reserve lowered interest rates by 25 basis points, but signaled fewer cuts next year due to sticky inflation and the economy’s continued resilience. Meanwhile, the number of Americans who applied for unemployment benefits fell more than expected last week.
