The US economy grew at its fastest pace in two-and-a-half years in the second quarter with all sectors contributing to the jump in output in a bullish signal for the remainder of the year.
Gross domestic product surged at an annua
US services sector activity hit an 8-1/2 year high last month and factory orders surged in June, bolstering expectations of solid economic growth in the third quarter.
Tuesday's reports added to employment and consumer spendin
Gold edged lower on Friday as the market nervously awaited US nonfarm payrolls data, heading for its longest weekly losing streak in more than six months as equities firmed and optimism grew about the US economy.
Investors in gold
Spot gold hit fresh three-month highs on Friday and looked set to post its biggest weekly gain since October as more weak US data raised fears about economic growth, burnishing the metal's appeal as a safe-haven.
US gold futur
US manufacturing activity slowed sharply in January on the back of the biggest drop in new orders in 33 years while construction spending barely rose in December, pointing to some loss of steam in the economy.
Economists largely b
Gold fell on Monday, on course for its largest annual loss in 32 years, as thin pre-holiday trade and signs of an improving US economy growth kept investors fretting over the impact of the Federal Reserve's stimulus tapering.
The US economy barely grew in the fourth quarter although a slightly better performance in exports and fewer imports led the government to scratch an earlier estimate that showed an economic contraction.
A gauge of planned US business spending recorded its largest increase in more than a year in January, suggesting growing confidence in the durability of the economic recovery.
The case for the economy's resilience was further
The US economy grew faster than previously thought in the third quarter, helped by exports and government spending, but a sluggish global demand and belt-tightening by Washington looks set to put on the brakes again.
President Barack Obama's re-election is good news for the world economy and financial markets. Of course a victory by Mitt Romney, unlikely though it was, might have been even better news, which is perhaps why stock markets