Gold has reacted negatively to a mostly upbeat GDP report released by the US Commerce Department this morning. Something worth noting, however, is that of the last four initial estimates for US GDP (reported quarterly) all have been revised lower.
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Markets will quickly shift attention to a policy announcement from the US Federal Reserve (2:00 EST). With Q2 GDP, a FOMC policy announcment, and a labour survey Friday, Fed taper talks will be the number one focus of analysts this week.
Click to read Pimco’s Mohammad El-Erian in the FT.