(MENAFN- ProactiveInvestors)Gold was under pressure again as the US economy bounded ahead in the second quarter. US GDP rose by 2.3% between April and June the Commerce Department said while the first quarter was also revised up to growth of 0.6% instead of a 0.2% decline. For gold the news followed a latest Fed meeting on interest rates that had gloomy connotations for the gold price according to analysts. Fed chair Janet Yellen again gave little away but dedicated Fed watchers honed in on the comments that job growth was 'solid' as indication a first rise can't be too far away. Edward Meir at commodities trader INTL FC Stone noted: 'This time around it described the job gains as being 'solid' a more resolute description of the strength it sees. "Moreover whereas the Fed previously said it wanted to see 'additional improvement' in the labor market before lifting rates this time it said that it wants to see 'some additional improvement' — suggesting it is indeed nearing its goal.' Higher interest rates should boost the dollar and US treasuries both of which are traditional alternatives to holding gold. An hour into trading in the US the spot price was US$6 lower at US$1091 and heading for its worst month in two years. Already the price is more than 7% lower from the end of June but many expect it edge lower before any recovery. Low inflation US growth and the possibility of further increases in the dollar are a triple whammy for the metal said one. Elsewhere silver was a touch lower at US$14.78 while platinum added US$2 to US$984. Major share moves Randgold Resources down 4p at 3809p Fresnillo down 5p at 642p Anglo American down 6p at 808p
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