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Gold Caps Longest Slump in a Month on U.S. Economy

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Gold futures capped the longest slump in four weeks after a report showed the U.S. economy in the first quarter contracted less than estimated, supported by a bigger gain in consumer spending.

Gross domestic product fell at a 0.2 percent annualized rate, revised from a 0.7 percent drop, government data showed Wednesday. Household consumption grew at a 2.1 percent rate, up from the estimate of 1.8 percent. After the report, gold dropped as much as 0.7 percent to $1,168.10 an ounce, a two-week low.