Investing.com – Gold prices turned lower on Wednesday, as upbeat U.S. economic growth data pushed the dollar broadly higher, dampening demand for the precious metal.
Comex was down $7.65 or about 0.58% at $1,287.53 a troy ounce by 09:00 a.m. ET (13:00 GMT).
In a second estimate, official data showed that U.S. gross domestic product expanded by in the third quarter, compared to an initial reading of 3.0%.
The upbeat report came a day after data showed that U.S. consumer confidence .
Investors were also encouraged by the fact that the U.S. Senate Budget Committee . A full Senate vote of the bill could now take place as soon as Thursday.
The , which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 0.09% at 93.28, off session lows of 92.93.
Gold is sensitive to moves in the dollar. A stronger dollar makes gold more expensive for holders of foreign currency.
Market participants seemed to shrug off news that North Korea successfully that it claimed was capable of reaching the U.S. mainland.
Elsewhere on the Comex, were down 0.95% at $16.66 a troy ounce.
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Source: Investing.com
