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Gold Slightly Softer After U.S. April Durable-Goods Orders Fall 1.7%

Kitco News

(Kitco News) - Gold prices eased marginally after a Commerce Department report Thursday showed that U.S. orders for durable goods fell by 1.7% during April. Comex June gold was last down $1.50 to $1,302.90 an ounce.

Consensus expectations compiled by various news organizations called for durables to be around 1% to 1.2% lower. The decline came on the heels of two straight monthly increases.

Excluding transportation, new orders increased 0.9%. Excluding defense, new orders fell 1.9%. Transportation equipment, also down following two consecutive monthly increases, drove the decrease, falling by 6.1%, the government said.

The durables report covers items with an expected life of at least three years, such as kitchen appliances, computers, furniture, autos and airplanes.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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