Demand for gold surged to an 11-year high last year. This is due to large-scale purchases on the back of high activity by retail investors and a slowdown of ETF outflows.
U.S. economy shows strong growth in Q4
The U.S. economy unfolded more actively in the fourth quarter than analysts might have expected. However, domestic demand grew at the slowest pace in 2.5 years, reflecting the impact of higher credit costs.
Gross domestic product rose 2.9% year over year last quarter. Economic growth in the third quarter was 3.2%. Experts polled by Reuters had forecast GDP growth of 2.6%.
The U.S. Commerce Department released a preliminary report Thursday on fourth-quarter GDP. The fresh data showed that the rebound was driven in part by a surge in factories’ inventories.
While consumer spending maintained a solid growth rate, most of the increase in consumption came at the beginning of the fourth quarter. Retail sales fell sharply in November and December. Business spending on equipment declined last quarter and is likely to remain low due to lower demand for goods.
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Last year recorded an increased demand for gold up to the levels of 2011
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White House Supports Alaska Oil Project
1 February
The US Interior Department’s Bureau of Land Management supports an accelerated plan of oil production. It includes 3 new wells across the Willow site in the Petroleum Reserve-Alaska, instead of having 5 wells predetermined earlier.
Energy and Precious Metals Market events for February 2-3, 2023
2 February
On February 2, the focus is on natural gas reserves in the United States. On February 3, data on oil rigs from Baker Hughes and speculative positions on oil and gas, gold, silver, aluminum and copper are on the agenda.
Aluminum buyers from Japan agreed to pay extra charges in the first quarter
1 February
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