Gold ETF Rallies After 2% GDP Growth, Jobless Claims Drop to 189,000
AAAU•Gold rebounded on April 30 after U.S. Q1 GDP rose just 2% and weekly jobless claims fell to 189,000, pushing spot prices to session highs. Lower Treasury yields and a 3.2% core inflation rate supported its rangebound trading, though oil gains and Fed rate prospects capped further upside.
1. Macroeconomic Data Boosts Gold
The U.S. economy recorded 2% growth in Q1 while weekly jobless claims fell to 189,000 on April 30, prompting dip buyers to drive spot gold to session highs. These mixed signals highlighted persistent economic uncertainty and spurred inflows into the gold ETF.
2. Yield and Inflation Support Limited Gains
Treasury yields declined as markets absorbed a 3.2% core inflation reading, reducing the opportunity cost of holding non-yielding assets and underpinning gold demand. This backdrop helped maintain the ETF’s price near key support levels.
3. Trading Range Constrained by Oil and Fed Outlook
A softer U.S. dollar index also bolstered gold, but concurrent rallies in oil prices and speculation over future Fed rate decisions constrained the ETF within a narrow trading band. Traders are eyeing established intraday entry and exit levels for opportunities.
