UK Economy Grew 0.7% in First Quarter of 2024

A general view of London's south bank of the River Thames including the city's tallest building the Shard, in London, Thursday, June 27, 2024. (AP Photo/Kin Cheung, Pool)
A general view of London's south bank of the River Thames including the city's tallest building the Shard, in London, Thursday, June 27, 2024. (AP Photo/Kin Cheung, Pool)
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UK Economy Grew 0.7% in First Quarter of 2024

A general view of London's south bank of the River Thames including the city's tallest building the Shard, in London, Thursday, June 27, 2024. (AP Photo/Kin Cheung, Pool)
A general view of London's south bank of the River Thames including the city's tallest building the Shard, in London, Thursday, June 27, 2024. (AP Photo/Kin Cheung, Pool)

Britain's economy grew 0.7% in the first three months of this year compared with the previous quarter, above an initial estimate of 0.6% growth, official figures showed on Friday.
The figures come less than a week before Britons vote in an election which opinion polls suggest will see Labour Party leader Keir Starmer replace Conservative Prime Minister Rishi Sunak.
Friday's data from the Office for National Statistics confirm Britain's economy exited a shallow recession at the start of 2024, Reuters reported.
But the overall growth picture is weak. First-quarter gross domestic product was just 0.3% higher than a year earlier, above an initial estimate of 0.2%.
Economists polled by Reuters had not expected any revisions to the quarterly or annual growth estimates.
Britain's economy has struggled since the last national election in December 2019, hurt by the COVID-19 pandemic - which dealt a lasting blow to the labor force - as well as Russia's invasion of Ukraine and post-Brexit trade frictions.



Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Prices Climb on Safe-Haven Demand; US Payrolls Data in Focus

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices climbed on Friday, supported by safe-haven demand arising from the Middle East conflict, while spotlight shifted towards US payrolls report to gauge the trajectory of the Federal Reserve's policy path.
Spot gold was up 0.3% at $2,662.50 per ounce, as of 0325 GMT, after climbing to an all-time high of $2,685.42 on Sept. 26. Bullion has gained 0.2 for the week.
US gold futures edged 0.1% higher to $2,682.10.
The dollar eased 0.1%, pulling back from over a one-month high, making greenback-priced bullion less expensive for other currency holders, reported Reuters.
Geopolitical tensions, particularly concerning Israel and Iran, are supporting gold prices and unless these risks subside, prices are likely to remain near record levels, said Ajay Kedia, director at Kedia Commodities, Mumbai.
The US is discussing strikes on Iran's oil facilities as retaliation for Tehran's missile attack on Israel, President Joe Biden said, while Israel's military hit Beirut with new air strikes in its battle against Lebanese armed group Hezbollah.
Bullion is considered a safe investment during times of political and financial uncertainty, and thrives in a low-rate environment.
The US nonfarm payroll data is due at 1230 GMT. New York Fed President John Williams and Chicago Fed President Austan are also scheduled to speak later in the day.
If the NFP report comes in strong, it will be positive for the dollar and then gold prices will see some profit-booking, Kedia added.
Traders see a 69% chance of a 25-basis-point Fed rate cut in November, according to CME FedWatch Tool.
BMI said in a note it expects gold prices to trade within the range of $2,500 to $2,800 in the coming months.
Spot silver rose 0.4% to $32.17 per ounce and has gained about 1.8% so far this week.
Platinum climbed 1.1% to $1,001.79 and palladium advanced 1.4% to $1,013.46.