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Gold Pushes Higher After Downbeat U.S. Report, Lower USD

Live 24 hours gold chart [Kitco Inc.]

(Kitco News) - Gold prices have erased early losses and are trading modestly higher and at the daily high, in the wake of a weaker-than-expected U.S. durable goods orders report. The downbeat data falls into the camp of the U.S. monetary policy doves, who do not want the Federal Reserve to raise interest rates any time soon. The weak durables report also put more selling pressure on the U.S. dollar index, as it trades near its daily low in mid-morning dealings. The recent weaker greenback has been a bullish underlying factor for the precious metals and for the raw commodity sector. Once again, the gold market bulls are proving to be a very resilient lot. June gold was last up $5.60 an ounce at $1,246.00.

By Jim Wyckoff, contributing to Kitco News; jwyckoff@kitco.com

 

 

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