Gold prices erased all their daily gains and turned to decline during these moments of trading on Tuesday, as this comes after the release of important data related to the American economy.
Futures contracts for gold fell by about 0.1% to $4464 per ounce, coming after their gains exceeded 1% before the data was revealed.
Meanwhile, spot gold contracts fell by about 0.18% to 4433 dollars per ounce. This was at 18:04 Riyadh time.
The U.S. economy grew faster than expected during the third quarter, driven by strong consumer spending, but momentum began to fade as living costs rose and the effects of the recent government shutdown took hold.
The Gross Domestic Product recorded an annual growth rate of 4.3% in the third quarter, according to the preliminary estimate released by the Bureau of Economic Analysis of the Department of Commerce. Growth in the second quarter was 3.8%, while economists' forecasts indicated growth at 3.3%.
Consumer spending increased by 3.5% in the third quarter after recording 2.5% in the second quarter.
The data was delayed due to the government shutdown that lasted 43 days, which makes it less reflective of the current situation.
On the other hand, consumer confidence in the United States rose during December, although the reading came in lower than experts' expectations.
The Conference Board reported on Tuesday that the consumer confidence index rose from 88.7 points in November to 89.1 this month. Economists had expected the index to record 91.7 points.
