Gold (XAU/USD) Price Slumps After Better-Than-Expected US Growth Revealed

• Strong US economic data send gold spinning lower.
• Friday’s Core PCE data will be key for gold going into the weekend.

Gold has given back $25+ today after the latest batch of US data showed the American economy in rude health. Durable goods m/m beat expectations by a wide margin, the first look at Q2 GDP also beat by a margin, while jobless claims fell and core PCE prices also came in below market forecasts. If tomorrow’s Core PCE Price Index and Michigan Consumer Sentiment carry on in the same vein, thoughts of a soft landing in the US will grow further.

DailyFX Economic Calendar

GOLD DAILY PRICE CHART – JULY 27, 2023

Gold BEARISH

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