Gold Still Softer After Dec. U.S. Durable-Goods Orders Rise 1.2%
(Kitco News) - Gold prices pared early losses slightly after a Commerce Department report showed U.S. durable-goods orders rose by 1.2% in December, with spot gold was last down $1.70 to $1,336.10 an ounce.
The metal had been at $1,335.30 five minutes ahead of reports on durable goods, weekly jobless claims and a Philadelphia Fed survey.
Consensus expectations compiled by various news organizations called for durables to be up by somewhere between 1% and 1.4%. The December data were previously delayed by the U.S. government shutdown.
Excluding transportation, new orders increased 0.1%, the government said. Excluding defense, new orders increased 1.8%. Transportation equipment, up four of the last five months, led the increase, rising 3.3%.
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.