2018.03.2813:44:00UTC+00Gold Slumps After Upbeat GDP

Gold futures tumbled Wednesday as the dollar steadied versus most major rivals.

Traders are taking profits after gold prices surged to their highest in more than five weeks.

Upbeat economic news also dented gold prices, as it boosts the odds of four Federal Reserve rate hikes in 2018.

Gold was down $17 at $1330 an ounce.

Economic activity in the U.S. grew by more than previously estimated in the fourth quarter of 2017, according to a report released by the Commerce Department on Wednesday.

The report said gross domestic product climbed by 2.9 percent in the fourth quarter, reflecting an upward revision from the previously estimated 2.5 percent increase. Economists had expected the pace of GDP growth to be upwardly revised to 2.7 percent.

The National Association of Realtors released a report on Wednesday showing a bigger than expected rebound in pending sales in the month of February.

NAR said its pending home sales index jumped by 3.1 percent to 107.5 in February after plunging by 5 percent to a downwardly revised 104.3 in January. Economists had expected pending sales to climb by 2.1 percent.