Spot gold bounced back to the $1,800 a troy ounce on Thursday, close to a 6-week high of $1,807 hit earlier this week, as traders digested a batch of economic data and interest rate decisions from major central banks.


The US economy grew an annualized 2% in Q3, missing market expectations by 0.7 percentage points and slowing sharply from the 6.7% jump of the previous quarter, as high inflation curbed demand and soaring COVID-19 infections among the unvaccinated worsened labor shortages.


On the other hand, initial jobless claims fell more than expected to a seasonally adjusted 281 thousand last week, a new pandemic low.


Elsewhere, the European Central Bank pledged to continue with the pandemic-era asset purchases program until at least March 2022 and left its rate hike outlook unchanged, even as the Eurozone economy is faced with multi-year high inflation rates.

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