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- Gold rose over 1% on Thursday as a contraction in the U.S. economy boosted its safe-haven allure and helped to extend gains driven by a less aggressive tone from the Federal Reserve chairman.
- The U.S. economy unexpectedly contracted in the second quarter, with consumer spending growing at its slowest pace in two years and business spending declining, which could fan market fears that the economy was already in recession. Read more.
-Oil prices edged higher in choppy trade on Thursday, buoyed by improved risk appetite among investors as lower crude inventories and a rebound in gasoline demand in the United States supported prices.
- However, futures pulled back in mid-morning trade after the United StatesCommerce Department reported the economy unexpectedly contracted in the second quarter, fueling concerns about a recession that could hit energy demand. Consumer spending grew at its slowest pace in two years and business spending declined. Read more.
