Gold near session highs after U.S. durable goods posts -2.2% loss in October

NEW YORK (December 23) The gold market is trading near session highs on the edge of $4,500 per ounce after the latest economic data showed sales of durable goods for October fell more than expected.

The Commerce Department announced Tuesday that U.S. durable goods orders fell 2.2% in October, following September’s revised increase of 0.7%. The data was worse than expected, as the consensus view of economists called for a decrease of -1.5.

Core durable goods, which strip out the volatile transportation sector, rose 0.2% in October, below the consensus forecast for a 0.3% reading and September’s revised core print of 0.7%.

Meanwhile, non-defense capital goods orders excluding aircraft manufacturing rose 0.5% in October, better than the expectation for a -0.1% decrease but below September’s revised 1.1% print.

Spot gold continued to trade near session highs following the 8:30 am EDT release, and last traded at $4,488.59 per ounce for a gain of 1.01% on the session.

KitcoNews