The more solid than expected US GDP data for the third quarter were able to put only brief pressure on Gold – despite the fact that they are definitely one indication that the US economy is far more resilient than most people previously assumed. 

Continued robust demand in particular increases the chance of the US Federal Reserve further raising its key rate to ensure that inflation weakens further. This risk per se would suggest limited upside potential for Gold at present. 

On the other hand, there is still the risk of the Middle East conflict escalating – this has proven a stronger driver of the price of late.