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Gold rebounds as US GDP beats estimate

The dollar index was nearly unchanged at 93.816 against a basket of six major currencies

Reuters  |  Bengaluru 

Gold steadied on Friday after retreating from a more than six-week high hit in the previous session, with investors looking for cues on the health of the US economy from second-quarter gross domestic product data due later in the session. A recovery in the world's biggest economy would give the beleaguered dollar some respite from the recent sell-off, and also dent the likelihood for higher interest rates which benefits non-interest yielding and safe-haven gold. "Our feeling is that the (GDP) number will be in line to somewhat below the 2.8 figure forecast, in which case ...

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First Published: Fri, July 28 2017. 14:24 IST