Gold keeps to 3-week peaks

On Monday, during European trade gold prices slumped as market participants considered buying into surging equity markets rather than buying safe-haven assets, though prices kept to three-week peaks amid waning hopes that the Fed will lift interest rates a bit later soon.  

In New York, December delivery gold futures slumped 0.18%, being worth $1,355.05 per troy ounce.

On Friday, gold prices leapt to a daily high of $1,362.00, the greatest value since July 11, after data demonstrated that the American economy surged much slower than expected during the second quarter, thus bringing the greenback to five-week minimums and helping market players to roll back hopes for a rate lift from the Federal Reserve.

The second quarter GDP boasted a 1.2% annualized growth rate, which is below hopes for a 2.6% surge, as the Commerce Department reported on Friday. as for the first quarter GDP, it got revised lower from 1.1% to 0.8%.

The disappointing data lessened the overall threat of an early interest rate hike from the Federal Reserve. 

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