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Gold tops $1,680 for biggest gain in 3 weeks as U.S. GDP sputters - Wealth Managers

January 30,2013


"If we see more numbers like this, gold is going to have a good run"

Gold capped the biggest gain in almost three weeks after a report showed the U.S. economy unexpectedly shrank in the fourth quarter, boosting demand for the metal as a haven. Silver jumped the most since September.

Gross domestic product, the volume of all goods and services produced, dropped at a 0.1 percent annual rate, weaker than any forecast in a Bloomberg survey and the worst performance since the second quarter of 2009, government figures showed Wednesday. Policy makers will keep buying securities at the rate of $85 billion a month, the Federal Open Market Committee said today at the conclusion of a two-day meeting after the close of New York floor trading for gold.

"Clearly with the negative GDP, we're seeing a flight to safety," said Tim Evans, the chief market strategist at Long Leaf Trading Group in Chicago. "Growth has been fairly stable in recent quarters, but if we see more numbers like this, gold is going to have a good run."



The advance estimate for fourth-quarter U.S. GDP is out. The economy contracted 0.1 percent in Q4 versus economists' consensus expectations of a 1.1 percent expansion.



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