Gold prices selloff, as the US GDP growth exceeds expectations [Video]
|Gold prices selloff, as the U.S. GDP growth exceeds expectations
Gold prices fell to a 2-week low on Thursday, as investors chose to move away from the safe haven asset in the aftermath of yesterday’s FOMC meeting.
Wednesday’s Fed decision was followed by data today which showed that GDP in the United States had grown by more than expected.
Figures from the Commerce Department showed that Q4 GDP rose by 6.9%, versus expectations for a 5.5% increase.
Many believe that this was one of the reasons why Chair Powell and the Fed opted to keep rates unchanged, laying the foundation for a March hike instead.
XAUUSD fell to an intraday low of $1,791 on the news.
NASDAQ, S&P 500 lower, despite strong Tesla earnings
U.S. indices were lower in today’s session, as shares in Tesla fell, despite the company reporting strong Q4 earnings.
The company founded by Elon Musk, held its quarterly earnings call after Wednesday’s closing bell, with both earning and revenue exceeding forecasts.
Tesla reported earnings of $2.54 per share, which came on revenue of $17.72 billion for the quarter.
Wednesday’s results were better than the expected earnings of $2.25 per share, and revenue growth of $16.88 billion.
$TSLA was down over 8% as of writing, with the NASDAQ and S&P 500 both trading in the red.
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