8/27/2020, 4:24 PM (Source: TeleTrader)
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Precious metals trade lower after US GDP report

Precious metals traded in the red on Thursday after the United States gross domestic product (GDP) report. The US economy contracted 31.7% in the second quarter, slightly below the estimate of 32.9%. Meanwhile, the initial jobless claims for the week ending August 22 fell by 98,000 compared to the previous week and stood at 1,006,000. Fed Chair Jerome Powell stated that the Fed will pursue inflation at 2% and "won't hesitate to act" if it rises above that level.

Gold lost 1.38% at 4:19 pm CET, selling for 1,928.63 per ounce. Silver dropped 2.29%, going for 26.82 per ounce at 4:20 pm CET. Platinum was down 2.17% to sell for 917.54 per ounce at 4:21 pm CET, while palladium declined 0.91% at the same time and sold for 2,172.12 per ounce.

Breaking the News / DJ