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