Gold Price Continues To Fall Following Mixed Durable Goods Data

New York (Sept 27)  Mixed momentum in the U.S. manufacturing sector is helping to pressure gold prices, which has fallen clearly below $1,200 an ounce.

Thursday, the U.S. Census Bureau said that new durable goods orders increased by  $11.1 billion or 4.5% to $259.6 billion, in August, up from July’s decline of 1.7% and significantly beating expectations. Consensus forecasts were calling for an increase of 1.9%.

Meanwhile core durable goods, which strips out the volatile transportation sector was weaker than expected, increasing 0.1% last month. Consensus forecasts were calling for a 0.4% increase.

Gold prices were under pressure ahead of the data and have fallen further in initial reaction to that data that shows the U.S. economy continues to build momentum. December gold futures last traded at $1,192.40 an ounce, down 0.56% on the day.

By 08:45am EST spot gold was down $10 to $1,188, while spot silver slid more than 1% to $14.25. However, spot platinum plunged $11 to $817.

KitcoNews