Gold prices under pressure as U.S. economy grew 2.9% in the fourth quarter
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"The increase in real GDP reflected increases in private inventory investment, consumer spending, federal government spending, state and local government spending, and nonresidential fixed investment that were partly offset by decreases in residential fixed investment and exports," the report said. While the solid economic data will help reduce some recession fears, the growth continues to come with a cost as inflation remains persistent.
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