MW:Gold dips after stronger-than-expected GDP data
By William L. Watts
NEW YORK (MarketWatch) -- Gold futures extended a modest loss Wednesday after data showed the U.S. economy grew at a tepid but faster-than-expected pace in the second quarter. December gold futures GCZ3 -0.14% were down $3.50 an ounce to $1,321.30 in recent trade, compared with a minor loss just ahead of the data. The Commerce Department said gross domestic product grew at a 1.7% annual rate in the second quarter, buoyed by a rise in consumer spending and a sharp increase in business investment. A poll of economists by MarketWatch had produced a consensus forecast for growth of 1%.
