The 3.4% GDP growth rate for the July-September period marks a notable acceleration from the 2.2% recorded in the second quarter, comfortably beating the 3.2% consensus forecast. According to the Bureau of Economic Analysis, the gains were bolstered by increased government spending and private investment, though these were partially tempered by a rise in imports and a decline in exports.
Inflationary pressures remain a point of focus, with the advance core PCE index hitting 2.5% for the quarter. While this sits slightly above the 2.4% anticipated by analysts, it represents a decline from the 3.3% level seen in the previous quarter. September's core PCE reading held steady at 0.3%, aligning with market predictions.
Financial markets responded to the data with a shift in sentiment for safe-haven assets. Spot gold struggled to gain traction following the 8:30 a.m. ET release, ultimately trading near session lows. The yellow metal was last valued at $4,025.24 per ounce, reflecting a daily decline of 1.03%.
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