NEW YORK (
Gold for April delivery was jumping $19.70 to $1,682.40 an ounce at the Comex division of the New York Mercantile Exchange. The
"I did not expect a negative number but ... gold is still kind of within its trading range," said Oliver Pursche, co-portfolio manager at GMG Defensive Beta Fund.
The Bureau of Economic Analysis reported Tuesday that fourth-quarter gross domestic product in 2012 contracted 0.1%, compared against third-quarter growth of 3.1%. The preliminary reading could later be upwardly revised, but the first print weakened confidence enough to sink major U.S. equity markets early on Wednesday.Consensus among economists polled by Thomson Reuters were expecting GDP to rise 1.1%.
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