GDP Report Fires Up Gold: Reaction Or New Uptrend?
Gold prices fired up Tuesday after the Federal Reserve left its stimulus plan in place and the Commerce Department reported the U.S. economy shrank 0.1% in the fourth quarter instead of expanding 1.1% as Wall Street expected. The dollar weakened and investors flocked to safe-haven assets. Short sellers, betting on falling prices, closed their positions by buying them back, thereby boosting prices, and bargain hunters swooped in. Spot gold prices