U.S. growth holds at 1.5% as inflation pressures persist

The U.S. economy expanded at a 1.5% annual rate in the second quarter, unchanged from the revised initial estimate and below first-quarter growth of 2.1%. The GDP price index rose 6.4%, up from the previous estimate of 6.2%.

The Federal Reserve’s preferred core PCE inflation gauge increased 0.2% in July, while headline inflation rose 0.2% for the month and 3.7% over the past year. Personal income rose 0.4% and spending increased 0.2%. Gold prices fell 0.75% to $4,623.50 an ounce as investors took profits, though analysts said the data continued to support the metal’s broader uptrend.

Read the full story at kitco.com.