Gold is currently ignoring higher US Treasury yields – a negative for the precious metal – and instead seems to be moving in line with calls for slowing global economic growth and increased market expectations for inflation to remain at its current highs for longer than previously expected. China’s GDP slowed to 4.9% in Q3, compared to market forecasts of 5.2% and a prior quarter’s 7.9%, while growth in the US is now seen below 6% in 2021, with the economy held back by supply chain problems and a slowdown in consumer spending. On Thursday the first look at US Q3 GDP is expected to show the QoQ rate slow to 2.8% compared to a prior 6.7%.
