Gold Steady After U.S. Durable-Goods Orders Rise 1.3% In November
Editor's Note: Updating earlier story with more details from report.
(Kitco News) - Gold moved little after a report showing that orders for U.S. durable goods rose by 1.3% during November to $241.4 billion.
Consensus expectations compiled by various news organizations called for durables to be up by somewhere around 2%.
As of 8:39 a.m. EST, Comex February gold was up $1 to $1,271.60 an ounce. The metal was at $1,271.80 two minutes ahead of the report.
Transportation equipment drove the increase, rising by 4.2% to $80.9 billion, the government said. New orders excluding transportation fell 0.1%. Excluding defense, new orders increased 1%.
The government’s durables report covers items with an expected life of at least three years, such as kitchen appliances, computers, furniture, autos and airplanes.
The rise in overall durables was the third in four months after orders for durable goods fell by 0.4% in October.