Gold prices holding above $1,750 following mixed U.S. durable goods report
New York (Apr 24) Gold prices are holding on to gains ahead of the weekend as the latest data point to mixed health in the U.S. manufacturing sector.
Friday the Commerce Department said that U.S. durable-goods orders declined by 14.4% in March. The data was much worse than expected; consensus expectations compiled by various news organizations called for durables to drop 12%.
Excluding transportation, new orders declined by 0.2% the government said. Coe durable goods orders were much better than expected as economists were calling for a decline of 6.5%.
The gold market has seen little reaction to the mixed economic data. June gold futures last traded at $1,754.70 an ounce, up 0.53% on the day.
Although the transportation sector was a significant drag on the headline data, market analysts and economists have noted that core goods data is some positive news for a beleaguered economy, impacted by nation-wide lockdowns due to the spreading COVID-19 pandemic.
KitcoNews
