Gold prices struggling even as durable goods orders drop 5.4% in October
NEW YORK (November 22) The gold market is not finding much support as the U.S. manufacturing sector lost momentum in October.
Wednesday the Commerce Department said that U.S. durable goods orders fell 5.4% last month, following Septemberâs increase of 4.6%. The data was weaker than expected; consensus expectations compiled by various news organizations called for durables to increase fall by 3.2%.
Meanwhile core capital goods orders, which excludes the transportation sector, was unchanged last month. The data also missed expectations, as economists were looking for a 0.2% increase.
The disappointing economic data is not having much impact on gold as prices continue to test support around $2,000 an ounce. December gold futures last traded at $1,999.60 an ounce, down 0.10% on the day.
KitcoNews
